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Dogecoin (CRYPTO: DOGE) is showing gains early Tuesday following the much-anticipated launch of the first spot exchange-traded fund tracking the popular memecoin.
The dog-themed memecoin lifted over 2% in the last 24 hours, with trading volume rising 5.05% to $1.56 billion.
The derivatives market, however, showed a muted reaction, with open interest in DOGE futures rising only 0.96% in the last 24 hours, according to Coinglass.
Widely followed cryptocurrency analyst Clifton Fx spotted a falling wedge formation on the coin’s 12-hour chart.
“In case of upside breakout, we can see 80-90% massive bullish rally in next coming days,” the analyst projected.
A falling wedge is a bullish pattern that suggests potential upward price movement and a reversal from an existing downtrend.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
The spike came after Wall Street welcomed the first Dogecoin spot ETF by Grayscale, the world’s largest cryptocurrency-focused asset manager.
The Grayscale Dogecoin Trust ETF (NYSE:GDOG) began trading on the NYSE Arca. Its investment objective is to reflect the value of DOGE tokens held by the fund, minus expenses and other liabilities.
Grayscale added a disclaimer that an investment in the ETF “is not a direct investment ” in the memecoin.
However, response to the new launch was lukewarm, with only $1.41 million traded on the first day, according to the SoSo Value.
Grayscale Dogecoin Trust was first launched as a private placement for eligible accredited investors earlier in January.
According to Bloomberg analyst Eric Balchunas, the REX-Osprey Doge ETF (BATS:DOJE), launched earlier this year, holds European DOGE ETF, unlike the Grayscale ETF, which holds DOGE directly.
Notably, another ETF by Bitwise is scheduled to launch on Wednesday.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1495, up 2.17% in the last 24 hours, according to data from Benzinga Pro. The GDOG ETF closed at $18.09.
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Photo courtesy: alfernec on Shutterstock.com
