Photo: mundissima / Shutterstock.com
Dogecoin ETF Launch Drives Price Up #
With Dogecoin’s exchange-traded fund (ETF) on the verge of launching, the cryptocurrency’s price has climbed 3%. Meanwhile, in Washington, the federal ‘Department of Government Efficiency’ (better known as DOGE) has been quietly shut down months before its official end date. Elon Musk, who led this department, often gives dogecoin a positive boost. This time, however, the memecoin’s rise isn’t due to his influence.
The End of DOGE #
The government initiative DOGE launched earlier this year with much fanfare and Donald Trump’s support. Its goal was simple: spend government money more efficiently and cut bureaucracy. Musk frequently took the stage, claiming during appearances that the department worked with “extreme transparency” and had already saved billions.
No proof was ever provided for these claims, and calculations suggest the actual amount saved was much lower. Additionally, many government employees were controversially fired. DOGE gained a notorious reputation, causing financial hits for Musk and his companies, including Tesla.
Things worsened when Musk and Trump had a major falling out this year. From that moment, Musk distanced himself from Washington, and the energy behind DOGE disappeared. By May, Musk was practically out of the project, and now it turns out the department hasn’t been active for months. OPM Director Scott Kupor confirmed that DOGE “no longer exists” as an independent unit.
Dogecoin ETF Drives the Price #
Normally, dogecoin surges whenever Musk makes news, but this time the cause lies elsewhere. Grayscale’s dogecoin ETF is set to launch any moment, trading under the ticker GDOG on the NYSE Arca exchange. Asset manager Bitwise also has a competing product ready that could go live within weeks.
This has given dogecoin’s price a boost. The memecoin already moved higher yesterday and has risen over 3% toward $0.145, well above major market indexes. However, dogecoin could use this boost. The cryptocurrency has been declining for several weeks, and technical indicators suggest it remains fragile in the short term. Additionally, large holders (whales) continue to sell heavily.
Interestingly, the real winners weren’t the dog-themed coins but the cat memecoins. According to CoinGecko, that category grew 4.2%, slightly more than the 4% rise of dog-themed cryptocurrencies.