Dogecoin (DOGE) Price: Wall Street’s Memecoin Appetite Stays Muted Despite New 21Shares ETF

TLDR

• 21Shares launched a spot Dogecoin ETF (ticker TDOG) on Nasdaq, providing regulated 1:1 exposure to DOGE
• DOGE price trades at $0.124, sitting just above a key support level at $0.11734 within a descending channel pattern
• The first Dogecoin ETF launched in September 2024 and has generated only $200 million in cumulative trading volume
• All Dogecoin ETFs combined hold less than $40 million in assets under management
• House of Doge is developing a mobile payment app expected to launch in the first half of 2026

21Shares announced the launch of its spot Dogecoin ETF on Thursday, trading under the ticker TDOG on the Nasdaq exchange. The product offers investors regulated, physically backed exposure to DOGE through a traditional exchange-traded fund structure.

The ETF provides 1:1 exposure to Dogecoin without requiring investors to use crypto wallets or exchanges. 21Shares is the only ETF provider endorsed by the House of Doge, the corporate arm of the Dogecoin Foundation.

Federico Brokate, global head of business development at 21Shares, stated that Dogecoin is a unique asset with a global community and expanding real-world use cases. The firm has previously rolled out ETFs tracking Bitcoin, Ether, Solana, and XRP.

Marco Margiotta, CEO of House of Doge, said TDOG is another step toward making Dogecoin accessible through established financial structures. The partnership aims to support broader participation as the ecosystem matures.

Dogecoin ranks as the tenth largest cryptocurrency by market capitalization at $20 billion. The token began as a joke based on the Shiba Inu meme before gaining mainstream attention through public endorsements from Elon Musk.

ETF Performance Falls Short

The first spot Dogecoin ETF launched in the U.S. in September 2024 through REX-Osprey under the ticker DOJE. The fund generated $17 million in day-one trading volume, ranking as one of the top five biggest debuts of the year.

However, interest from traditional investors has been minimal since the initial launch. All Dogecoin ETFs combined have generated cumulative trading volume of around $200 million.

Together, the funds hold less than $40 million in assets under management. By comparison, six spot XRP ETFs that debuted in the fourth quarter of 2024 have generated more than $2 billion in volume.

Dominant Strategies CEO Alan Orwick told Sherwood News that Dogecoin’s nature as a memecoin makes the ETF performance unsurprising. He pointed out that Dogecoin can pump 21% in a week without a single dollar of ETF inflows.

Orwick explained that the community still has pricing power independent of Wall Street. The token is built on memes, community energy, and viral moments.

Technical Analysis Shows Consolidation

DOGE currently trades at $0.124, positioned just above a well-defined demand zone. The price has been moving within a descending channel pattern since early September.

The recent rebound from the $0.11734 support level attempted to extend higher but stalled at the $0.1566 resistance zone earlier this month. This pullback reveals persistent selling pressure at overhead resistance levels.

The 50 EMA sits at approximately $0.13399, and DOGE has not maintained acceptance above this level. This keeps the price in the bottom half of the channel and restricts upside momentum.

A decisive move above the $0.1566 supply zone would allow Dogecoin to target the $0.200 level last tested in October. If price fails to hold the $0.11734 support level, downside continuation within the channel would remain the prevailing outcome.

House of Doge is working with Nasdaq-listed Brag House Holdings to develop a new mobile app expected to launch in the first half of 2026. The app aims to broaden Dogecoin’s role in payments and commerce by pairing a self-custodial wallet with integrated merchant tools.

Margiotta said the goal is to see Dogecoin become a widely used global decentralized currency. Several firms including Bit Origin, CleanCore, and Thumzup have established corporate Dogecoin treasuries.

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