Once upon a time, Dogecoin was just a meme coin originating from an internet joke, with its value more reflected in entertainment and community culture. However, on September 18, 2025, this situation was completely rewritten: the first ETF (trading code DOJE) based on Dogecoin officially launched on Wall Street. This not only marks a digital asset that was once seen as a symbol of speculative frenzy rapidly integrating into mainstream finance on Wall Street, but it also benefits from a new rule by the U.S. Securities and Exchange Commission (SEC) that simplifies the listing process for crypto ETFs, signaling a wave of new crypto-themed funds on the horizon. From an SNL joke to a Wall Street reality, a new era of crypto funds is fully opening.
- From Internet Joke to Wall Street Reality: The Birth of the Dogecoin ETF
In May 2021, Elon Musk mentioned Dogecoin on the stage of Saturday Night Live, bringing it to the forefront of financial history and triggering a surge in its price followed by a subsequent crash. This farce, combined with the frenzy during pandemic lockdowns, easily led people to view it as the peak of the meme market bubble. However, that era did not end; instead, it became normalized, and now, Dogecoin is about to fully integrate into Wall Street.
DOJE ETF Launch: The REX-Osprey DOGE ETF, trading under the code DOJE, officially launched this Thursday. The risk exposure offered by this fund is not a traditional store of value but a meme coin. Dogecoin was created in 2013, has no supply cap, and is typically highly volatile, inspired by an internet joke featuring a Shiba Inu image.
Market Position: Nevertheless, according to CoinMarketCap data, sustained demand has made it the eighth largest digital asset by market capitalization, with a market value of $42 billion.
Wall Street's Acceptance: The ETF's debut was almost devoid of the fanfare of the meme era, highlighting how products once associated with excessive speculation are rapidly becoming part of the daily landscape of Wall Street. Bloomberg Intelligence ETF analyst Eric Balchunas pointed out, "Bitcoin is special; it is Bitcoin. Then there are altcoins—they usually have some utility. But Dogecoin is different; it was created purely for entertainment, a joke with no utility." However, it is this "useless joke" that has now taken the stage on Wall Street.
- SEC Regulatory Shift: Opening the "Carnival" of Crypto ETFs
The surge in products like DOJE is due to a significant shift in the regulatory stance of the U.S. Securities and Exchange Commission (SEC).
Rule Change: On September 17, the SEC approved a rule change allowing exchanges to fast-track the listing of commodity ETFs, including those linked to Bitcoin. This procedural change shortens the time and friction for new products to be listed, almost guaranteeing the accelerated development of crypto-themed funds.
SEC Chairman's Statement: SEC Chairman Paul Atkins stated in a release, "This approval helps maximize investor choice and promotes innovation." In other words, the pipeline for crypto funds is about to reopen.
The Opening Tune of the Crypto ETF Feast: Nate Geraci, president of NovaDius Wealth Management, stated that the DOJE fund "is just the opening tune of the grand carnival of crypto ETFs." He added, "Value is in the eye of the beholder; clearly, someone sees some utility in Dogecoin—even if that utility is merely its entertainment value."
Market Reshaping: The market into which the DOJE fund enters has been reshaped by the SEC's approval of a spot Bitcoin ETF in early 2024, which has stimulated billions of dollars in new crypto demand. Following Donald Trump's victory, the prices of digital tokens surged, with Bitcoin reaching a historic high of over $124,000 in August.
The DOJE ETF is one of Rex-Osprey's latest attempts to capture a new wave of speculation, driven by Trump's support for the industry and hopes for a more lenient regulatory era. Earlier this year, the company also submitted a product application based on Trump's meme coin, which experienced significant volatility at the beginning of the year.
Greg King, CEO of REX Financial, stated, "Investors seek ETFs for various benefits—two main benefits are convenient access and liquidity." He continued, "What basis do we have to say this is not suitable for investors to invest in or speculate on? Ultimately, it depends on them, and we want to provide them with regulated tools to access crypto."
Conclusion:
The launch of the Rex-Osprey Dogecoin ETF symbolizes a new stage in the institutionalization of cryptocurrencies. It indicates that even meme coins originating from internet subcultures can be absorbed by the financial world and packaged into products that meet the needs of mainstream investors. As the SEC simplifies the listing process, the boundaries between digital assets and traditional finance are becoming increasingly blurred. This not only provides investors with unprecedented convenience and choices but also raises a critical question: As value is increasingly defined by community consensus and entertainment, where will the future of finance head? The new era of crypto funds has fully begun, and we stand at a crossroads filled with infinite possibilities and unknown challenges.
Related Reading: The first Dogecoin ETF is launched; how high can DOGE's price go?
Original Article: “From Internet Meme to Financial Product, the First Dogecoin ETF Debuts on Wall Street”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
