Dogecoin was on a rallying spree after climbing 8% in the past 24 hours, trading at $0.2371 with a market cap of over $35 billion. The meme coin surged as speculation grew around a potential first-ever Dogecoin ETF, sparking bullish sentiment.
Dogecoin could, as early as this week, be granted its first-ever exchange-traded fund (ETF) approval in the United States.
If approved, this would be a watershed moment for the meme crypto that has historically taken its cues from internet culture, plus supporters like billionaire Elon Musk.
Bloomberg ETF analyst Eric Balchunas stated last week that REX Shares, in conjunction with Osprey Funds, has filed an effective prospectus with the Securities and Exchange Commission (SEC) for a Dogecoin ETF pursuant to the Investment Company Act of 1940.
“Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week,” Balchunas wrote on X, referring to the Solana staking ETF the firm launched this year.
Previously, Bitwise had also filed for a Dogecoin ETF, but it has not been approved as of Sept 8. The SEC has delayed its decision on Bitwise’s Dogecoin ETF, last extending the review on June 12.
The term ETF refers to an investment product that permits traders to invest in relative exposure to an asset, without leveraging the actual asset itself.
A Dogecoin ETF would provide the ability to trade DOGE on traditional U.S. securities exchanges in a regulated manner, securing both a simple access point and institutional legitimacy.
While most crypto ETFs require issuers to either navigate a more complicated S-1 process (for funds) or the 19b-4 process (for ETFs), REX is using the so-called “40 Act” path. ETF Store president Nate Geraci described the week as a “wild” one.
The “40 Act” method involves bypassing the slow traditional approvals process and has also successfully launched Solana-linked funds.
REX recognized the considerable volatility of Dogecoin and “considerable risks” in its filing. DOGE is trading at about $0.2393 today, which is up nearly 10% in the last 24 hours.
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The ETF will likely be traded under the ticker $DOJE and will be operated by Foreside Fund Service LLC. If approved, it will be another niche crypto-linked ETFs approved after Bitcoin and Ethereum spot ETFs were approved back in 2024.
Dogecoin has become one of the most well-known tokens in the crypto space, helped by Musk’s public comments and its reputation as a “cultural asset.”
Musk even called himself the “Dogefather” when he appeared on Saturday Night Live in 2021. There have even been reports that Musk’s lawyer, Alex Spiro, is chairing a company that is seeking $200 million in financing to allocate towards Dogecoin.
Q: What is Dogecoin (DOGE)?
A: Dogecoin is a cryptocurrency that started in 2013 as a lighthearted meme token inspired by the Shiba Inu “Doge” meme. Over time, it has grown into a widely recognized digital asset with an active community and mainstream visibility.
Q: Why is Dogecoin popular?
A: Dogecoin gained fame through its internet culture roots, viral social media presence, and support from high-profile figures like Elon Musk. Its low transaction fees and strong community have kept it relevant in the broader crypto market.
Q: How does Dogecoin differ from Bitcoin?
A: Unlike Bitcoin’s capped supply of 21 million coins, Dogecoin has no maximum limit, meaning new DOGE can continue to be mined indefinitely. It is also generally used for tipping, payments, and smaller transactions rather than as a long-term store of value.
This story was originally reported by TheStreet on Sep 8, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.