Dogecoin (DOGE) briefly climbed Monday, gaining over 3% after a gradual decline since its November 2024 peak.

Dogecoin outperforms major tokens amid ETF excitement

The memecoin’s momentum comes ahead of the launch of the Grayscale Dogecoin Trust ETF Shares, approved for trading on the New York Stock Exchange last Friday.

The upcoming ETF listing on NYSE Arca has fueled optimism among investors. Bloomberg ETF analyst Eric Balchunas predicted the fund would launch on November 24, following guidance from the U.S. Securities and Exchange Commission.

ETF specialist Nate Geraci described the launch as “highly symbolic” and a “monumental crypto regulatory shift over the past year.”

On X, he added, “GDOG might already be top 10 ticker symbol for me.”

Over the last 24 hours, DOGE has outperformed both Bitcoin (-1.4%) and Ethereum (-0.8%), trading at $0.146 at press time, according to CoinMarketCap. Analysts attribute the rally to anticipation of the ETF, which may attract sidelined capital and bolster Dogecoin’s position as a “blue-chip” memecoin.

Despite the surge, whale activity has tempered gains. Coinglass data shows large holders sold roughly 200 million DOGE, valued at $29 million, during the rally. Historically, mentions by Elon Musk on X have also coincided with short-term price spikes, reinforcing volatility.

In a humorous aside, the White House confirmed that the Department of Government Efficiency (D.O.G.E.) has quietly ceased operations, though the news is unrelated to the token. Even so, the mere reference to DOGE appears to have added to the market’s enthusiasm.

Cautious optimism remains amid broader headwinds

While the ETF launch marks a significant milestone for Dogecoin and the wider crypto sector, analysts urge measured expectations. Market pressures, regulatory considerations, and continued whale selling suggest that the recent rally may not sustain a prolonged uptrend. Investors are advised to watch volume trends and broader market signals as the new ETF begins trading.

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