Dogecoin (DOGE) is leading the crypto market rally, surging 8% in the last 24 hours and outperforming giants like Bitcoin and Ethereum. The catalyst for this powerful move is the highly anticipated debut of DOJE, the first-ever U.S. exchange-traded fund (ETF) centered on the iconic meme coin.
The REX-Osprey Dogecoin ETF (DOJE) began trading on Thursday, September 18, 2025, and immediately shattered market expectations. The fund’s performance has provided a significant boost to DOGE, which is now priced at $0.286 after rising nearly 34% over the last 30 days.
A “Shockingly Solid” Debut for the First Dogecoin ETF
The launch of the DOJE ETF was met with tremendous investor interest, far exceeding initial forecasts. Bloomberg Senior ETF Analyst Eric Balchunas, who had set a respectable benchmark of $2.5 million in daily trading volume, saw his prediction quickly surpassed.
Within the first hour of trading, DOJE had already amassed nearly $6 million in volume.
“My over/under got destroyed in the first hour of trading as $DOJE already posted nearly $6M in volume,” Balchunas posted on X (formerly Twitter). “That’s shockingly solid. Most ETFs trade under $1M on day one.”
This explosive debut signals strong pent-up demand from traditional investors seeking regulated exposure to Dogecoin, validating the long-held belief that a spot ETF could unlock a new wave of capital for the asset.
How the DOJE ETF Works (And What’s Coming Next)
The DOJE ETF is structured under the Investment Company Act of 1940. This means it provides investors with access to spot Dogecoin prices via a wholly-owned, Cayman Islands-registered subsidiary that holds the underlying DOGE.
This structure stands in contrast to the popular spot Bitcoin and Ethereum ETFs, which are registered under the Securities Act of 1933 and directly hold the crypto assets in their reserves.
However, investors may not have to wait long for a 1933 Act Dogecoin ETF. Competing applications from major issuers like Grayscale and Bitwise are awaiting regulatory decisions, which are expected by October 17, 2025. According to market analysts, the approval of these funds is considered a “near lock.”
Beyond the ETF: Corporate Treasury Adoption Fuels Momentum
The bullish sentiment surrounding Dogecoin isn’t solely tied to the ETF launch. A significant factor is the growing corporate adoption, led by the publicly traded firm CleanCore Solutions.
In collaboration with the Dogecoin Foundation’s commercial arm, the House of Doge, CleanCore is managing the first “official” Dogecoin corporate treasury. The company recently added another 100 million DOGE to its balance sheet, bringing its total holdings to 600 million DOGE, currently valued at approximately $170 million.
CleanCore’s long-term goal is incredibly ambitious: to accumulate 5% of the entire Dogecoin circulating supply, which equates to roughly 7.5 billion DOGE or over $2.1 billion at current prices. This strategic accumulation provides a strong and steady source of demand for the meme coin, signaling long-term conviction from the corporate world.
With regulated investment products now a reality and serious corporate backing gaining steam, Dogecoin is building a powerful case for its staying power and future growth potential.
