Dogecoin ETF Surpasses Expectations with $6 Million Trading Volume in First Hour

• The Rex-Osprey Dogecoin ETF achieved $6 million in trading volume during its first hour, exceeding expectations by 140%.
• Dogecoin's price increased by 5.12% within 24 hours after the ETF's debut, fueling market optimism for future rallies.
• Institutional interest in Dogecoin continues to grow, with reports of significant wallet accumulations of the token.

The launch of the Rex-Osprey Dogecoin ETF last week has seen a remarkable surge in demand, with the product achieving $6 million in trading volume within its first hour. This figure far outstripped initial expectations and marks a strong debut for Dogecoin's first U.S. exchange-traded fund. Analysts, including Bloomberg's Eric Balchunas, had anticipated a more modest figure of $2.5 million for the entire first day. Instead, the ETF has surpassed expectations, drawing attention from both retail and institutional investors.

The overwhelming interest in the Dogecoin ETF has sparked fresh optimism for the cryptocurrency. Traders are eyeing the possibility of a significant price rally in the near future. Following the ETF's launch, Dogecoin's price climbed by 5.12% within 24 hours, reaching $0.28. This uptick continued, with DOGE hitting an intraday high of $0.285. Analysts are now closely watching for potential resistance levels at $0.39 and $0.43–$0.45, which could act as key indicators for further price movement.

Institutional Interest Continues to Grow

The launch has also fueled institutional interest in Dogecoin. As liquidity from the ETF becomes more established, reports suggest that institutional wallets are accumulating significant sums. Some sources note that these wallets have started to amass nine-figure investments in the token. This growing institutional participation has added another layer of support for the meme coin, signaling the potential for further upward momentum.

With the ETF's success, the broader market sentiment around Dogecoin remains positive. There are indications that other institutional players are preparing to enter the market, further enhancing the token's appeal. Moreover, the Depository Trust & Clearing Corporation recently listed the 21Shares spot-based Dogecoin ETF proposal, signaling that additional market adoption could be on the horizon. The U.S. Securities and Exchange Commission is currently reviewing other Dogecoin ETF applications from companies like Grayscale and Bitwise, with a decision expected on October 17.

Strong Foundation for Future Gains

The DOGE ETF’s success has set a solid foundation for Dogecoin's future price performance. Should the token reclaim key price levels such as $0.45, it could return to values seen at the end of 2021, but with a stronger base near $0.20–$0.25. This potential for further gains has fueled speculation that the path to $1 DOGE could become a reality in this market cycle.