Dogecoin (DOGE) Price: First U.S. Spot ETF Launches With Low Trading Volume

TLDR

• Grayscale’s spot Dogecoin ETF (GDOG) launched on NYSE Arca on November 24 with only $1.41 million in first-day trading volume, far below the $10-12 million forecast by Bloomberg analyst Eric Balchunas.
• The fund is the first spot Dogecoin ETF available to U.S. investors, converted from Grayscale’s private Dogecoin Trust, with Coinbase Custody holding the assets.
• GDOG launched with $1.71 million in net assets and 94,700 shares outstanding, holding 11.1 million DOGE tokens at 117.58 DOGE per share.
• Grayscale is waiving fees for three months or until assets reach $1 billion, offering a 0% expense ratio before the standard 0.35% fee takes effect.
• Dogecoin price rose 3-5% to around $0.152 following the ETF launch, with $1.93 billion in 24-hour trading volume, though technical resistance appears near $0.1530-$0.1540.

Grayscale’s new Dogecoin exchange-traded fund began trading on the NYSE Arca on November 24. The fund marked a historic moment as the first spot DOGE ETF available to U.S. investors.

Trading activity fell well below expectations. The fund recorded $1.41 million in first-day volume according to SoSoValue data. Bloomberg ETF analyst Eric Balchunas had predicted $10-12 million in opening day volume.

The ETF, trading under ticker GDOG, converted from Grayscale’s private Dogecoin Trust. That trust launched earlier in 2025 for accredited investors only. The new structure opens Dogecoin exposure to a broader retail market.

GDOG launched with $1.71 million in net assets. The fund holds 11.1 million DOGE tokens across 94,700 shares. Each share represents 117.58 DOGE at launch.

Coinbase Custody serves as the asset custodian for the fund. BNY handles administrative duties. The ETF uses a cash creation and redemption model rather than in-kind transactions.

Grayscale is temporarily waiving management fees. Investors pay a 0% expense ratio for the first three months. The fee waiver also applies if assets reach $1 billion before the three-month period ends. After the promotional period, the standard fee rises to 0.35%.

Dogecoin Price Response

Dogecoin’s price moved higher following the ETF launch. DOGE traded around $0.152 after gaining 3-5% in the 24 hours following the announcement. Total trading volume across spot and derivatives markets reached $1.93 billion.

The price rally remains modest compared to previous meme coin surges. Technical analysts point to resistance forming near $0.1530-$0.1540 levels. A bearish trend line on the hourly chart shows resistance at $0.1530.

Market Reception and Technical Outlook

DOGE recovered from a low of $0.1330 before the ETF launch. The token climbed above the $0.1420 level and the 100-hour simple moving average. The recovery wave pushed past the 50% Fibonacci retracement level from the recent swing high of $0.1593.

Bulls face immediate resistance at $0.1540. That level aligns with the 76.4% Fibonacci retracement of the recent decline. A break above $0.1590 could open the path toward $0.1650.

On the downside, support sits at $0.1460 initially. The next major support level appears at $0.1420. The main support zone remains at $0.1330, the recent low point.

The muted debut contrasts with stronger launches from other altcoin ETFs this year. Some market watchers view the slow start as a cautious beginning rather than a failure. Meme-aligned products may attract gradual inflows over time instead of immediate institutional buying.

Grayscale continues expanding its ETF lineup. The firm announced plans for a Chainlink ETF focused on tokenized real-world assets and cross-chain settlement. The company frames the product expansion as part of bringing digital assets to traditional investors as the sector develops.

GDOG holds physical Dogecoin and tracks the token’s spot price. Investors gain exposure without managing private wallets or custody arrangements. The fund structure removes technical barriers for traditional investors interested in the meme coin.

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