The price of Dogecoin (DOGE) briefly rebounded on Monday after a steady decline since its November 2024 peak. The dog-themed token marked a daily gain of more than 3%, ahead of newly approved ETF spot listings on NYSE Arca.
DOGE optimism comes as the memecoin prepares for the launch of its DOGE ETF product later today. The New York Stock Exchange approved trading in Grayscale Dogecoin Trust ETF shares last Friday.
Before the launch, Bloomberg ETF analyst Eric Balchunas predicted that the fund would launch on November 24, based on SEC guidance.
ETF analyst Nate Geraci called the launch “highly symbolic” and “a monumental shift in crypto regulation over the past year.”
“GDOG might already be a top 10 stock symbol for me,” he wrote on X.
DOGE up 3% in 24 hours – will it rise further?
The native token DOGE is up almost 3% over the past 24 hours, outperforming Bitcoin (-1.4%) and Ethereum (-0.8%).
Additionally, DOGE ETF news amplified its status as a “blue chip” memecoin, attracting marginalized capital. Memecoin is trading at $0.146 at press time, according to data from CoinMarketCap.
However, according to Coinglass, whales sold 200 million DOGE, worth $29 million, during the rally, capping the gains.
The brief rebound, stemming from the upcoming ETF launch, is also historically attributed to Elon Musk’s mentions of X.
The White House has confirmed that the Department of Government Effectiveness (DOGE) has quietly ceased functioning with eight months remaining before its mandate expires. Although the news is not related to the token, the mere mention of DOGE triggered the token’s price surge.
Analysts note that while the Dogecoin ETF launch marks an important milestone, broader crypto headwinds and whale sales suggest cautious optimism.
The article Dogecoin Rallies Ahead of ETF Launch Today – Here’s What to Expect appeared first on Cryptonews.
