Dogecoin News Today: Grayscale's DOGE ETF Falters: Meme Coin's $10 Dream Hinges on Institutional Adoption

The launch of the first U.S. spot Dogecoin (DOGE) exchange-traded fund (ETF) has ignited speculation about the meme coin's price trajectory, with some analysts cautiously contemplating whether DOGE could reach $10. Grayscale's GDOG ETF debuted on the NYSE Arca on Nov. 24, 2025, but recorded only $1.41 million in day-one trading volume, far below Bloomberg ETF analyst Eric Balchunas' $10–12 million forecast. Meanwhile, Bitwise Asset Management's BWOW ETF, also targeting DOGE, is expected to follow soon after regulatory approval, adding to the growing altcoin ETF landscape according to market analysts.

The GDOG ETF, converted from Grayscale's private Dogecoin Trust, holds physical DOGE and is managed by Coinbase Custody. At launch, it held 11.1 million DOGE across 94,700 shares, with a temporary 0% expense ratio for the first three months or until assets hit $1 billion as reported by financial sources. However, the ETF's muted debut contrasts with recent altcoin ETF performances, such as Canary Capital's XRP fund, which generated $58 million in day-one volume in October. Analysts attribute the lukewarm reception to DOGE's status as a "meme coin" with less institutional interest compared to Bitcoin or Solana.

Despite the slow start, DOGE's price has shown resilience. As of Nov. 25, 2025, the token traded at $0.152, up 3–5% post-GDOG launch, though it remains 79% below its 2021 peak of $0.73. Technical analysts highlight key support and resistance levels, with DOGE holding above $0.13–$0.14 and facing a critical test at $0.16. A breakout could signal a bullish recovery toward $0.18, while a breakdown risks testing $0.12.

The broader crypto market, however, remains volatile. XRP, another altcoin with an ETF debut, dropped to $1.85 in early November amid an 18% decline in total market cap. Bitwise's XRP ETF, launched earlier in the month, attracted $105 million in early inflows. The mixed performance of altcoin ETFs underscores the sector's nascent stage and the risks of liquidity and market sentiment swings.

A $10 DOGE target, while speculative, hinges on several factors. First, increased institutional adoption via ETFs could drive demand. Second, macroeconomic conditions, such as Federal Reserve policy, may influence risk-on assets. Third, DOGE's utility and community-driven momentum could offset its lack of inherent value. However, experts caution that DOGE's price is highly susceptible to social media trends and regulatory scrutiny, making long-term predictions uncertain.

Bitwise's BWOW ETF, pending SEC approval, aims to offer more structured exposure to DOGE, with Coinbase Custody as custodian as analysts report. The firm's track record in launching XRP and Solana ETFs suggests a strategy of broadening altcoin access, though market reception remains untested for DOGE.