looked beyond the demise of Elon Musk’s DOGE department as it rose on Asian markets on Monday, boosted by renewed optimism sparked by Grayscale’s upcoming introduction of a DOGE coin ETF.
Charging…
Market data from CoinDesk shows that DOGE was trading around $0.145 on Monday, with a daily gain of more than 3%, outperforming the roughly 0.6% gain in the CoinDesk 20 Index (CD20) and the CoinDesk Memecoin Index.
DOGE is joining a wave of newly approved spot ETFs, with Grayscale’s GDOG set to begin trading and Bitwise’s rival DOGE product potentially going live within the 20-day 8(a) window, creating a rare bullish catalyst even as whale selling and weak technicals keep near-term price action fragile.
At the same time, BTC and ETH remain markedly lower on a weekly basis with drops of around 9% and 10%, while most large-cap tokens continue to lag behind.
While DOGE’s gains are easily attributable to the upcoming ETF launch, the token typically also moves when it makes headlines, usually for a mention from Elon Musk.
The White House confirmed that the Department of Government Efficiency was effectively disbanded eight months ahead of schedule after Elon Musk’s breakup with President Trump triggered infighting and a quiet transfer of its functions to traditional agencies.
But, despite the usual mention of DOGE, DOGE wins the flywheel effect, it is actually the cat-themed tokens that have advanced.
Data from CoinGecko shows that felines were the real winners, with the cat-themed memecoin category increasing its market capitalization by 4.2%, while dog-themed coins increased by 4%.
