Dogecoin News Today: Grayscale's DOGE ETF Aims to Crown Meme Coin a Blue-Chip Asset

Bitcoin remained steady on Thanksgiving as Ethereum, Dogecoin, and XRP dipped, with analysts highlighting the importance of "support that matters" for BTC. Meanwhile, Grayscale's newly launched spot Dogecoin ETF (GDOG) and BitMine Immersion's aggressive Ethereum accumulation strategy have drawn attention, signaling broader trends in crypto's financialization. BitMine Immersion, chaired by Fundstrat's Tom Lee, added $83 million in ETH to its treasury, pushing its holdings to 3.6 million ETH—approximately 2.9% of the circulating supply. This follows a pattern of dip-buying, with the firm acquiring 21,000 ETH in recent days and 82,353 ETH earlier in November. Despite ETH trading below $3,000 and incurring $3.7 billion in unrealized losses, Lee remains bullish, forecasting a rebound to $7,500 by year-end and emphasizing Ethereum's "supercycle" potential driven by stablecoin growth, real-world asset (RWA) tokenization, and institutional adoption according to research.

Grayscale's GDOG ETF, the first U.S.-regulated spot Dogecoin product, debuted on NYSE Arca with mixed results. On its first day, the ETF recorded $1.41 million in trading volume and $1.7 million in net assets, falling short of Bloomberg analyst Eric Balchunas' $12 million projection according to analysis. By the second trading day, cumulative inflows reached $1.8 million, with total net assets at $3.5 million. Critics argue the underwhelming start reflects DOGE's distance from Bitcoin's dominance, a theme Balchunas previously noted: "The further away you get from BTC, the less asset there will be." Despite this, the ETF's launch marks a milestone in crypto's integration with traditional finance, offering investors direct exposure to DOGE without the complexities of holding the asset directly according to market analysis.

The momentum around altcoin ETFs shows no signs of slowing. Chainlink (LINK) is emerging as a prime candidate for the next major altcoin ETF, with Grayscale's research report highlighting its role as "critical infrastructure" for smart contracts. Bloomberg's Balchunas hinted that a Grayscale Chainlink ETF (GLINK) could launch as early as December 2, following the rapid approvals of XRP and DOGE ETFs. Bitwise's existing Chainlink ETF listing further underscores growing institutional interest in the token. Analysts suggest that a successful LINK ETF could reverse its month-long downtrend, currently trading at $12.81 near key resistance levels according to market data.

Experts view Grayscale's DOGE ETF as a potential turning point for the meme coin, transforming it into a "blue-chip" asset. "An ETF turns Dogecoin into the 'Blue Chip' of the sector-safe and regulated," said one analyst, noting that standardized products could attract institutional flows and stabilize price volatility. DOGE's 37% gain over the past 30 days, despite being 80% below its all-time high, suggests a market still testing the waters post-October correction according to market analysis.

Tom Lee's bullish thesis for Ethereum hinges on its impending "Bitcoin 2017 moment," where utility-driven adoption could drive the asset to $16,000 or even $60,000 by 2030. His projections, however, depend on factors like RWA tokenization reaching $10–30 trillion and institutional staking growth. While risks like central bank digital currency (CBDC) competition exist, Lee's track record—accurately predicting Bitcoin's 2024 surge and ETH's 2025 breakout—lends credibility to his vision according to market research.

As the crypto market navigates a post-QT correction, the interplay between institutional accumulation, ETF launches, and speculative assets like DOGE and LINK will shape near-term dynamics. With BitMine's treasury model proving scalable and Grayscale's ETFs expanding access to altcoins, the line between crypto and traditional finance continues to blur.