looked beyond the demise of Elon Musk’s DOGE department as it climbed in Asian markets on Monday, buoyed by renewed optimism sparked by Grayscale’s upcoming introduction of a DOGE coin ETF.
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CoinDesk market data shows that DOGE was trading around $0.145 on Monday, with a daily gain of more than 3%, outpacing the roughly 0.6% rise in the CoinDesk 20 Index (CD20) and the CoinDesk Memecoin Index.
DOGE is rallying against a wave of newly approved spot ETFs, with Grayscale’s GDOG set to begin trading and Bitwise’s rival DOGE product potentially going live under the 20-day 8(a) window, creating a rare bullish catalyst even as whale selling and technical weakness keep near-term price action fragile.
At the same time, BTC and ETH remain sharply lower on a weekly basis, with declines of around 9% and 10%, while most large-cap tokens continue to lag behind.
Although DOGE’s gains are easily attributable to the upcoming ETF launch, the token usually also moves when it makes headlines – usually from a mention by Elon Musk.
The White House has confirmed that the Department of Government Efficiency was indeed disbanded eight months ahead of schedule after Elon Musk’s rift with President Trump sparked infighting and a quiet shift of its functions to traditional agencies.
But, despite the usual mention of DOGE gaining a flywheel effect, it’s actually the cat-themed tokens that have pulled ahead.
Data from CoinGecko shows that felines were the real winners, with the cat-themed memecoin category increasing its market capitalization by 4.2%, while dog-themed coins increased by 4%.
