The introduction of the first U.S. spot
Dogecoin
(DOGE) exchange-traded fund (ETF) has sparked discussions about the
meme
coin’s future price movement, with some market observers cautiously considering if
DOGE
might eventually hit $10.
Grayscale's GDOG ETF
made its debut on NYSE Arca on Nov. 24, 2025, but
saw just $1.41 million in first-day trading
, which was significantly lower than Bloomberg ETF analyst Eric Balchunas’ projection of $10–12 million. Meanwhile, Bitwise Asset Management’s BWOW ETF, which also focuses on DOGE, is anticipated to launch soon after securing regulatory clearance, further expanding the altcoin ETF market
according to market analysts
.
The
GDOG ETF
, which transitioned from Grayscale’s private Dogecoin Trust, is backed by physical DOGE and managed by Coinbase Custody. At its launch, the fund held 11.1 million DOGE distributed over 94,700 shares, and is offering a 0% expense ratio for the first three months or until assets reach $1 billion
as reported by financial sources
. Despite this, the ETF’s subdued launch stands in contrast to other recent altcoin ETF rollouts, such as Canary Capital’s
XRP
fund, which
reached $58 million in opening day volume
in October. Analysts attribute the modest interest to DOGE’s reputation as a “meme coin,” which attracts less institutional attention compared to
Bitcoin
or
Solana
.
Even with the slow beginning, DOGE’s price has demonstrated some strength. As of Nov. 25, 2025, the token was trading at $0.152, marking a 3–5% increase following the GDOG launch, though it
is still 79% below its 2021 high
of $0.73. Technical experts point to important support and resistance zones, with DOGE
maintaining levels above $0.13–$0.14
and facing a crucial barrier at $0.16. A move above this could indicate a bullish trend toward $0.18, while a drop might see it test $0.12.
The wider cryptocurrency market, however, continues to experience volatility. XRP, another altcoin that recently launched an ETF,
fell to $1.85 in early November
as the total market cap dropped by 18%. Bitwise’s XRP ETF, which began trading earlier in the month,
pulled in $105 million in initial investments
. The varied outcomes of altcoin ETFs highlight the sector’s early stage and the ongoing risks tied to liquidity and shifting market sentiment.
The idea of DOGE reaching $10 remains speculative and depends on several elements. Increased institutional participation through ETFs could boost demand. Broader economic factors, such as Federal Reserve decisions, may also affect risk assets. Additionally, DOGE’s use cases and strong community support could help counterbalance its lack of intrinsic value. Still, experts
warn that DOGE’s price is extremely sensitive
to social media influence and regulatory developments, making long-term forecasts difficult.
Bitwise’s BWOW ETF, awaiting SEC authorization, is designed to provide more structured DOGE exposure, with Coinbase Custody serving as custodian
as analysts report
. The company’s experience with launching XRP and Solana ETFs points to a strategy of expanding access to altcoins, though it remains to be seen how the market will respond to a DOGE ETF.
