looked past the death of Elon Musk’s DOGE division as it rose Monday in Asian markets, driven by renewed optimism sparked by Grayscale’s upcoming introduction of a DOGE coin ETF.
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CoinDesk market data shows that DOGE traded around $0.145 on Monday, a daily gain of more than 3%, outpacing gains of around 0.6% in the CoinDesk 20 Index (CD20) and the CoinDesk Memecoin Index.
DOGE joins a wave of newly approved spot ETFs, with Grayscale’s GDOG set to begin trading and Bitwise’s rival DOGE product potentially going live during the 20-day 8(a) window, creating a rare bullish catalyst, although whale selling and weak technicals keep short-term price action fragile.
At the same time, BTC and ETH remain significantly lower on a weekly basis, down around 9% and 10%, while most major cap tokens continue to lag.
While DOGE’s gains can easily be attributed to the upcoming ETF launch, the symbol also typically moves when it finds itself in the headlines – usually from an Elon Musk mention.
The White House confirmed that the Department of Government Efficiency has effectively disbanded eight months ahead of schedule after Elon Musk’s split with President Trump sparked conflicts and a quiet transfer of its functions to traditional agencies.
But despite the usual DOGE hype, DOGE achieves flywheel effect, it’s actually cat-themed tokens that have come forward.
CoinGecko data shows that felines were the actual winner, with the category of cat-themed memecoins growing its market capitalization by 4.2%, while dog-themed coins are up by 4%.
