Dogecoin (DOGE) Price: Grayscale ETF Launches With $1.41M First-Day Volume

TLDR

• Grayscale’s Dogecoin ETF (GDOG) launched on NYSE Arca with only $1.41 million in first-day trading volume, far below the $10-12 million forecast by analysts.
• The fund holds 11.1 million DOGE across 94,700 shares and offers a 0% fee waiver for three months or until assets reach $1 billion, after which fees rise to 0.35%.
• DOGE price climbed above $0.140 and $0.1420 but now faces resistance near $0.1530 and $0.1540 levels with a bearish trend line forming.
• The ETF is the first spot Dogecoin exchange-traded product in the U.S., converted from Grayscale’s private Dogecoin Trust with Coinbase Custody holding the assets.
• Dogecoin traded around $0.152 following a 3-5% price increase, with 24-hour trading volume reaching $1.93 billion across spot and derivatives markets.

Grayscale’s new Dogecoin ETF opened below expectations on November 24. The fund recorded just $1.41 million in first-day trading volume on the NYSE Arca exchange.

Bloomberg ETF analyst Eric Balchunas had predicted $10-12 million in opening day volume. The actual figure came in well under that forecast.

The ETF launched with $1.71 million in net assets. It holds 11.1 million DOGE across 94,700 shares outstanding.

GDOG represents the first spot Dogecoin exchange-traded product available to U.S. investors. Grayscale converted its private Dogecoin Trust into the new ETF structure.

Coinbase Custody serves as the asset custodian. BNY handles administration for the fund. The ETF uses cash creation and redemption methods.

Grayscale is waiving fees temporarily. Investors pay 0% for the first three months or until the fund reaches $1 billion in assets. After that period, the expense ratio rises to 0.35%.

The DOGE per share value was set at 117.58 at launch. Investors can now gain exposure to Dogecoin without managing wallets or custody themselves.

Price Action Shows Mixed Signals

Dogecoin started a recovery from the $0.1330 zone in recent days. The price climbed above $0.140 and $0.1420 resistance levels.

DOGE moved past the 50% Fibonacci retracement level from its recent swing high of $0.1593 down to $0.1330. However, sellers appeared near $0.1530 and $0.1540.

A bearish trend line is forming with resistance at $0.1530 on hourly charts. The price now trades above $0.150 and the 100-hour simple moving average.

Dogecoin traded around $0.152 after a 3-5% increase following the ETF launch. Total trading volume across spot and derivatives markets reached $1.93 billion in 24 hours.

Key Technical Levels to Watch

If DOGE breaks above $0.1540, the next resistance sits at $0.1590. A close above that level could push the price toward $0.1650 or $0.1720.

On the downside, initial support appears at $0.1460. The next major support level is $0.1420. Main support sits at $0.1330.

A break below $0.1330 could send the price down to $0.120 or even $0.1120. The MACD indicator is losing momentum in the bullish zone while RSI remains above 50.

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