Dogecoin (CRYPTO: DOGE) was bleeding Sunday midnight, following a tepid debut of the memecoin’s first-ever exchange-traded fund in the U.S.
Dogecoin Becomes Biggest Large-Cap Loser
DOGE fell more than 7% in the last 24 hours, becoming the biggest 24-hour loser among the top ten cryptocurrencies by market capitalization.
The coin's trading volume lifted 83%, indicating high selling pressure and trader interest.
Interestingly, DOGE's derivatives market was still betting on its rally, with nearly 80% of the traders long as of this writing, according to Coinglass.
See Also: Bitcoin, Ethereum, Dogecoin, XRP Dive As Crypto Enters ‘Fear’ Zone: Analyst Says BTC ‘Always Follows’ Gold As Precious Metal Charts New Highs
DOJE ETF Fails To Take Off
The decline comes as the REX-Osprey Doge ETF (BATS:DOJE) failed to impress investors in its first two days of trading.
The ETF, which holds a combination of DOGE and DOGE derivatives, has declined 5.76% since its launch on Thursday.
The fund’s issuer issued a disclaimer that investing in the ETF “is not equivalent” to investing directly in DOGE and that its performance is not meant to "replicate" the performance of the underlying asset.
Price Action: At the time of writing, DOGE was exchanging hands at $0.2494, down 7.14% over the last 24 hours, according to data from Benzinga Pro. DOJE shares closed 5.95% lower at $24.80 on Friday
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