Dogecoin is set to see a big week in the market as Grayscale readies the launch of its DOGE ETF product later today. This comes after the NYSE approved the fund for trading last Friday.
Grayscale’s DOGE ETF Makes NYSE Debut Today
Grayscale confirmed its Dogecoin fund would start trading on the New York Stock Exchange today. This was after formal approval from the exchange last week. They also recognized all filings submitted to the SEC.
Earlier last week, Bloomberg analyst Eric Balchunas projected a November 24 launch date. This was based on the asset manager’s progress and the NYSE’s advancing approvals.
That prediction proved correct. Balchunas posted images of the NYSE’s approval documents. He said the DOGE ETF was cleared to go live. He also showed that the firm’s Chainlink-based ETF is likely to follow next week.
According to Balchunas, GDOG could generate first-day volume near $11 million. This projection is based on the activity seen in other newly launched crypto ETFs.
The asset manager shared that the DOGE fund will turn its existing Dogecoin trust into an exchange-traded product that tracks the price of the coin. This change allows the company to use the token’s reserves. This provides investors with a regulated way to invest in the meme coin without needing to manage their own wallets.
Grayscale’s XRP ETF Joins the Line-Up
The GXRP fund is also launching along with GDOG today. Its arrival comes a week after the Bitwise XRP ETF hit the market. The spot fund brought in close to $22 million in trading volume in mere hours following its launch last week.
Bloomberg analyst James Seyffart also pointed out that a significant portion of the volume occurred well before the halfway point of the session.
These launches come just on the heels of Canary Capital’s hugely successful debut for its XRPC ETF early this month. The fund saw more than $250 million in inflows on day one. Since then, firms including 21Shares and CoinShares are also working on their XRP products.
Meanwhile, in other developments for Dogecoin, 21Shares DOGE ETF saw an update in its key details last month. Although the firm is still waiting for a decision from the SEC. The company plans to list this product on Nasdaq and may join Grayscale in launching its product soon.
Source: https://coingape.com/dogecoin-set-for-big-week-as-grayscale-doge-etf-launches-today/
