Dogecoin (CRYPTO: DOGE) was trading in the red late Thursday, as the launch of the memecoin's first-ever exchange-traded fund failed to cheer investors.
DOGE Draws Lukewarm Interest
The dog-themed cryptocurrency fell over 2% in the last 24 hours, while trading volume dipped by over 23%. In fact, DOGE performed the worst among the top 10 cryptocurrencies by market capitalization.
Open interest in DOGE derivatives rose by only 0.88% in the last 24 hours, according to Coinglass, suggesting muffled speculative interest.
That said, over 80% of the top trader accounts on Binance, i.e, the top 20% users with the highest margin balance, were betting on the coin's price increase.
See Also: Dogecoin ETF Momentum May Carry It To 60 Cents — Under One Condition
DOJE ETF Launches On Wall Street
The slide came despite the launch of the first exchange-traded fund in the U.S. that offers exposure to the spot Dogecoin.
The REX-Osprey Doge ETF (DOJE), which holds a combination of DOGE and DOGE derivatives, started trading on the Cboe BZX Exchange at $26.51 per share and closed 0.53% lower at $26.37.
The ETF’s volume reached $5.8 million in the first hour, far exceeding the $1 million average for ETF launches in the same timeframe.
The fund's issuer made it clear that investing in the ETF "is not equivalent" to investing directly in DOGE, potentially eroding the excitement around the product.
Price Action: At the time of writing, DOGE was exchanging hands at $0.2754, down 2.43% in the last 24 hours, according to data from Benzinga Pro. Over the week, the coin has gained 5.45%.
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