DOGE news today: DOGE ETF's trading volume exceeded expectations on its first day, and the SEC's new framework paves the way for more Spot encryption funds.

The first Spot DOGE (DOGE) ETF (DOJE) has successfully launched, achieving a trading volume of $6 million within the first hour, far exceeding analysts' expectations. The fund is a collaboration between Rex Shares and Osprey Funds, marking the entry of Meme coins into the regulated U.S. financial market for the first time. Meanwhile, the U.S. Securities and Exchange Commission (SEC) has approved a new listing framework that simplifies the listing process for commodity-based encryption funds, creating favorable conditions for the future launch of more Spot ETFs, with tokens like Solana and XRP expected to be the first to benefit.

DOGE ETF Surpasses Expectations: Institutional Demand Emerges

After the launch of the first U.S. Spot DOGE Exchange-Traded Fund (ETF), DOGE surged 8% in the past 24 hours, outperforming Bitcoin and Ethereum. The fund, named DOJE, began trading on the Chicago Options Exchange BZX on Thursday morning and quickly exceeded expectations, recording nearly $6 million in trading volume within the first hour.

The ETF is issued in collaboration by REX Shares and Osprey Funds, two companies that have been focused on encryption-related investment products. Their prospectus submitted last week outlines the strategy of the fund holding DOGE directly and potentially investing in other crypto ETFs and derivatives.

Unlike most crypto ETFs constructed under the Securities Act of 1933, DOJE is registered under the Investment Company Act of 1940. This legal framework regulates collective investment funds and allows for a more aggressive management approach. The ETF provides exposure to DOGE through a wholly-owned subsidiary registered in the Cayman Islands, creating a unique legal structure compared to traditional Spot Bitcoin and Ethereum ETFs.

Bloomberg's senior ETF analyst Eric Balchunas initially estimated that DOGE would attract about $2.5 million in trading volume on its first day. However, it doubled its trading volume in the first session after the opening. Balchunas commented on X, “My trading volume estimate was broken in the first hour, and DOGE has already recorded nearly $6 million in trading volume.” He described the early performance as “surprisingly solid.” For reference, most new ETFs see trading volumes of less than $1 million at their debut.

The listing of DOJE coincides with the launch of the first U.S. Spot XRP ETF XRPR, which is also managed by REX and Osprey. XRPR reached a trading volume of $24 million within two hours, five times higher than the trading volume of the XRP futures ETF at its debut. The launch of these two ETFs marks a milestone in bringing alternative encryption assets into the regulated U.S. investment market.

DOGE has been chosen as the core asset for the US ETF, marking a significant advancement for a cryptocurrency often viewed as a Meme coin. Analysts say that the early success of DOGE highlights the growing interest from institutions in assets that were once thought to be favored only by retail traders.

Legal Structure and Corporate Adoption: The Double Benefits of DOGE

Other DOGE ETFs may soon follow. Grayscale and Bitwise have submitted proposals under the 1933 Securities Act, which is a more commonly used route for Spot Bitcoin and Ethereum funds. Analysts expect a ruling on these applications before October 17, and many predict a high likelihood of approval.

At the same time, the price momentum of DOGE may also be supported by new corporate adoption. Earlier this week, a publicly traded cleaning and disinfecting company, CleanCore Solutions, announced that it has accumulated another 100 million DOGE, bringing its total holdings to 600 million DOGE, valued at approximately $170 million. CleanCore has established a partnership with the commercial division of the Dogecoin Foundation, House of Doge, and has developed a long-term plan aimed at accumulating up to 5% of the circulating supply of DOGE, equivalent to about 7.5 billion DOGE, which is valued at approximately $2.1 billion at current prices. As of the time of writing, DOGE is trading at $0.286, having risen nearly 34% in the past month.

SEC Approves New Framework: Paving the Way for Broader Encryption Funds

The approval of the Spot Bitcoin ETF in January 2024 marks a turning point for the digital asset market. After years of resistance and a legal battle with Grayscale, the U.S. SEC has finally relented, opening the door to mainstream adoption. According to data from SoSoValue, over $57 billion in funds have flowed into the Spot Bitcoin ETF since then. Ethereum follows closely behind, with BlackRock and other competitors launching funds linked to the second-largest cryptocurrency in July 2024.

A year later, Rex Financial and Osprey Funds further expanded the market with the launch of the first Solana ETF.

Now, the SEC has taken another decisive step. On Wednesday, the regulator approved new listing standards for major U.S. exchanges, including Nasdaq, the Chicago Board Options Exchange BZX, and the New York Stock Exchange Arca. This move eliminates the need for case-by-case reviews, sets clear rules for commodity trust shares, and paves the way for a broader range of Spot encryption ETFs. Under the new framework, the time from application submission to listing could be shortened to just 75 days, compared to the previous requirement of up to 240 days.

Bloomberg analyst James Seyffart described these rules as “the cryptocurrency ETP framework we've been waiting for,” and predicted a wave of new funds will emerge. Analysts expect that Solana and XRP ETFs will be among the first beneficiaries.

Conclusion

The successive launch of DOGE and XRP ETFs is not an isolated event, but a strong proof of the accelerated institutionalization process of encryption currencies. More importantly, the new listing framework approved by the SEC provides regulatory assurance for this trend, offering a clear pathway for digital assets to be packaged as regulated investment products. This shift will not only bring new liquidity and growth potential to the encryption market but also indicates that the boundaries between traditional finance and encryption finance are becoming increasingly blurred, paving the way for encryption currencies to enter mainstream portfolios.