Dogecoin Rises as Spot DOGE ETF Faces Delay

Dogecoin's price increased by over 20% to $0.26 this week despite the delay of the US spot DOGE ETF launch, expected to launch mid-next week by Rex-Osprey.

The surge in Dogecoin's value highlights strong institutional interest and speculation, as seen with CleanCore Solutions' significant bounty of DOGE, countering regulatory postponements of cryptocurrency-linked ETF approvals.

Dogecoin's price surged over 20% this week to $0.26, defying the latest delay of the US spot DOGE ETF launch. The ETF, led by Rex-Osprey, was postponed but maintains positive momentum due to heightened institutional interest.

Rex-Osprey, the ETF issuer, expects the launch mid-next week, however, no executive statements have been made regarding the specific reasons for the delay.

Despite the ETF delay, Dogecoin's rally signals institutional confidence. CleanCore Solutions notably accumulated 500 million DOGE, triggering buying pressure. The ETF launch anticipation fuels speculative interests driving market activity.

The ETF delay stems from SEC's regulatory review stance, which affects over 90 pending applications. The cautious approach for memecoin ETFs prolongs market uncertainty while not deterring institutional investments.

The regulatory pattern of cautious review impacts broader cryptocurrency markets, including assets like BTC, ETH, and XRP. However, no substantial price shifts have been reported for major Layer 1 cryptocurrencies in response.

The approval of a DOGE ETF could significantly alter market dynamics. Historical trends from Bitcoin ETF launches suggest potential increases in market inflows. However, the DOGE ETF uniquely addresses a token often critiqued for having no utility. Eric Balchunas remarked, "Pretty sure this is the first-ever US ETF to hold something that has no utility or purpose."