A few years ago, the idea that a dog-themed meme could capture the attention of Wall Street seemed absurd. However, it was precisely this irrationality that set Dogecoin on its path. Its fans, development team, and of course, the charismatic Elon Musk, did something that could not be ignored—they transformed an internet joke into a legitimate financial instrument.

In September 2025, the REX Osprey DOGE ETF (DOJE) fund began trading on the Cboe exchange in the US. This was the first attempt to formalize a meme token as an ETF. This is a historic moment. Regulators, who had delayed approval of ETFs for BTC and ETH for decades, unexpectedly approved this ridiculous coin.

In this article, we will explore what the Dogecoin ETF means for the market, how it will change the perception of joke coins and the logic of meme coins, and how it will affect financial regulation.

What is a Dogecoin ETF, and how did it come about?

The launch of the Dogecoin ETF was a logical continuation of the SEC’s policy of expanding the range of crypto ETFs. However, in this case, it is the first fund in history based on a meme coin. Unlike serious, fundamental products, the Dogecoin ETF carries an element of a cultural phenomenon. It’s not just a tool for institutional investors; it’s also a symbol — a step toward mass investors who want their favorite cryptocurrency in their portfolio. Essentially, it acknowledges that joke projects can gain legitimacy if they have a real community and demand behind them.

A Dogecoin ETF is a type of exchange-traded fund that tracks the price of DOGE and trades on a traditional stock exchange. Specifically, we are talking about the Osprey REX DOGE ETF (ticker symbol DOJE), which was approved by the SEC and launched on the Cboe exchange on September 18, 2025. The ETF provides investors with an opportunity to purchase Dogecoin through a regulated instrument, eliminating the need to work directly with crypto exchanges and wallets.

The launch was made possible through a collaboration between Osprey Funds and REX Shares, both of which have experience creating cryptocurrency and thematic ETFs. 

• REX Shares is an American company that specializes in exchange-traded products (ETPs) and ETFs. Its strategies inсlude alternative approaches, such as covered options, leverage, and specialized thematic funds. For instance, the company previously introduced a viable Solana-based instrument with a staking function under the ticker SSK.
• Osprey Funds is a U.S. company that focuses on cryptocurrencies and actively launches trusts. Incidentally, Osprey’s CEO and founder, Greg King, has significant experience with ETF/ETP products, having worked for companies such as Credit Suisse, Barclays Global, X Funds, and J.P. Morgan. 

The launch of the REX-Osprey DOGE ETF (DOJE) was accompanied by impressive activity: $6 million in the first hour and approximately $17 million on the first day. These figures brought DOJE into the top five in terms of volume among new market products. However, a few days later, the price fell 17% from its launch, and net inflows for the first week ended up being a relatively modest $9.9 million. 

The history of Dogecoin: from a joke to a stock asset

As a reminder, Dogecoin was created in 2013 as a parody of Bitcoin’s seriousness and complexity. Initially intended as a mockery of the complexity of Bitcoin’s approaches, it ended up becoming a token that outlived hundreds of serious projects. Over time, a unique community formed around Dogecoin: open, friendly, and slightly crazy. When Elon Musk got involved and called Dogecoin “the people’s cryptocurrency,” the joke finally turned into a trend. He fueled interest in the meme coin with Twitter posts featuring dog memes and hints about the future of “DOGE to the Moon.” Tesla began accepting Dogecoin for merchandise, and SpaceX started discussing a “DOGE-” mission that would be paid for in Dogecoin. The mission would involve sending a small satellite to the moon on a Falcon 9 rocket, turning an internet joke into a real space event. Thus, the meme coin literally flew “to the moon,” cementing its status as one of the most incredible stories of rapid growth in the crypto industry.

How did Dogecoin get on the ETF asset list? Why did it happen suddenly?

Until recently, many experts believed that regulatory approval of a Dogecoin ETF was fantasy, asking, “Was that even possible?” However, pressure from investors, the popularity of DOGE, and new SEC rules did the trick, and the Dogecoin ETF launched in September 2025.

The Dogecoin ETF’s Value for Memcoins

Legalization and recognition of meme tokens

The launch of the fund was significant not only for the crypto market but also for memes, which are now officially on the exchange. If DOGE was previously considered a joke by enthusiasts and fans of Elon Musk, the listing of meme coins on stock exchanges is no longer a fantasy. 

As a step towards recognizing cryptocurrencies, the Dogecoin ETF opens the door for other projects, primarily Shiba Inu (SHIB) and Pepe (PEPE). Analysts call these the most promising candidates for early approval.

Growing interest from institutional investors

Traditional players have long ignored DOGE, considering it a toy for the community. However, the situation has changed. The Dogecoin ETF and institutional investments are now in the same boat. For funds and management companies, this is a sign that if regulators have approved it, then it’s worth a try. Investor confidence in Dogecoin ETFs is growing, as is the liquidity that previously seemed impossible. It’s no longer just about the hype on social media. With $17 million on the first day of trading, nearly $10 million in net inflows in a week, and a listing on the respected Cboe, the product is noticeable even to those who previously considered DOGE a fad.

Changing Perceptions of Memcoins in the Financial World

Memecoins used to be associated exclusively with hype and volatility. Now, they are beginning to be perceived as a separate asset class, albeit with a high degree of irony. Meme coins in traditional finance sounds like an oxymoron, but it’s the new reality. ETFs transform joke tokens into legitimate exchange-traded instruments that can be purchased through a broker, on par with stocks and bonds. This opens up the possibility for institutional investors to inсlude DOGE or future SHIB funds in their portfolios as alternative assets. For retail investors, it opens up the possibility to invest in memecoins through their usual bank or pension fund accounts.

Impact on the market and investors

The potential impact of the Dogecoin ETF on the price of DOGE

We understand that launching an ETF can significantly impact the market for any asset. In the first few days after the launch, there was an influx of capital from institutional and retail investors, which gave DOGE an additional boost. The mere existence of a regulated instrument has strengthened confidence in the coin and directly affected price dynamics. The growth could be impressive, especially if the ETF continues to accumulate volume.

However, the situation with Dogecoin is special. Yes, the influx of money is welcome, but it will come with the volatility typical of memecoins. In other words, DOGE’s price growth may be impressive, but its price drop may be just as dramatic. 

The influx of new investors

ETFs always act as a bridge between cryptocurrency and traditional finance. This is especially important for Dogecoin. Now, not only are fans of the Shiba Inu dog and the surrounding social activity entering the market, but retail investors with money who want to add “a little fun” to their portfolios are too. Dogecoin ETFs and retail investors are a combination that opens up a new level of mass appeal for the coin.

Competition with Bitcoin and Ethereum ETFs

It may sound funny, but we can now talk about comparing Dogecoin ETFs with Bitcoin and Ethereum ETFs. Dogecoin is unlikely to significantly displace the top assets, but it has something BTC and ETH lack: cult meme status and Elon Musk’s charisma. Consequently, DOGE may occupy its niche as an alternative ETF, not in terms of fundamental economics, but as a cultural phenomenon.

Risks and challenges

• Meme coin volatility

Even in ETF format, Dogecoin remains a meme coin. Its price can skyrocket with a tweet from Musk or plummet amid his conflicts with the U.S. administration. The risks of investing in a Dogecoin ETF are directly related to the nature of meme coins: excitement creates growth quickly, but also causes a correction quickly.

• Regulatory barriers

Yes, the Dogecoin ETF has received historic approval from regulators, but that does not mean the road ahead will be easy. The situation is rather precarious. The role of meme coins in financial regulation is still taking shape. Every new SEC rule or comment from officials can drastically change the rules of the game, especially if the opinion arises that meme ETFs are overheating the market. This is especially true if officials decide that meme ETFs are overheating the market.

• The danger of overheated demand

The launch of the fund has generated enormous interest among retail and institutional investors alike. However, the hype could backfire on DOGE itself. If demand is too high, it will lead to a bubble, which will inevitably lead to a painful pullback. For regulators, this will be further evidence that ETFs for memecoins are an additional headache. For investors, it will be a reminder that rapid growth is always followed by the risk of a sharp collapse.

The Future of Meme Coins in Regulation

Possible new ETFs for other tokens

Now that Dogecoin has paved the way, the obvious question is, “Who’s next?” After the launch of ETFs, the future of meme coins may inсlude Shiba Inu, Pepe, and a host of other popular and playful tokens, first and foremost. Listing meme coins on stock exchanges no longer seems like science fiction; rather, it’s only a matter of time and investor appetite.

The impact on the SEC’s and financial institutions’ strategy

The new SEC rules for Dogecoin ETFs set a precedent. Regulators have demonstrated their willingness to adapt and consider even the most unconventional assets. Though surprising, this means that regulating memecoins through ETFs is becoming a reality. For financial institutions, this is a clear signal that it’s time to consider including memecoins in their strategies if DOGE can do it.

The long-term prospects of memecoins as an asset class

A new niche is forming on the horizon. Yes, the risks remain high, but the mere existence of such products strengthens confidence in the sector. Dogecoin ETF prospects in 2025 depend not only on DOGE’s price, but also on the fact that it has united the ununitable: market laws and the coin’s creators’ silly antics. As a result, we are witnessing how the mood of the masses can create value.

FAQ: Frequently Asked Questions

Why is the launch of the Dogecoin ETF an important event for memecoins?

Because it’s the first time a meme token has been officially recognized as a stock market instrument. The launch of the Dogecoin ETF in the US showed that memes can be more than just social media likes; they can also be added to portfolios. 

How did Dogecoin get approval to create an ETF?

The secret is simple: strong community support, regular statements from Elon Musk, and increased interest from institutional investors. At industry conferences and in analytical reviews, DOGE was increasingly recognized as a promising asset. As a result, when new rules for digital assets took effect in the U.S. in 2025, it became easier for regulators to approve the fund’s launch, and Dogecoin unexpectedly became one of the first “non-standard” candidates to receive official status through an ETF.

What are the risks of memecoins within regulated financial instruments?

The main risk is the same unpredictability that makes Dogecoin ETFs so appealing. Investing in Dogecoin ETFs carries risks such as sharp price swings, potential regulatory restrictions, and excessive demand. 

Could the launch of Dogecoin ETFs lead to the creation of ETFs for other meme coins?

Yes, and this is perhaps the most intriguing consequence. After the launch of the ETF, the future of memecoins may inсlude Shiba Inu, Pepe, and other coins. After all, if DOGE was able to break through, then the door is open for the rest.

Conclusion

The impact of the Dogecoin ETF on the cryptocurrency market is unprecedented. The launch of a meme coin ETF in the US was unimaginable just a couple of years ago. This decision paves the way for the further regulation of meme coins and the formation of transparent infrastructure for their circulation. Meme coins have suddenly found themselves among respectable instruments on the Cboe. While the initial results — $17 million per trading day, significant volatility, and cautious investor inflows — may not make DOGE the new digital gold, they demonstrate one key point: meme coins are no longer marginal entertainment. If they were not taken seriously before, they are now a separate, albeit somewhat eccentric, asset class. Ironically, even the SEC has had to admit that memes are serious business. 

Thank you for reading our article. Invest safely and profitably!

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