The First Dogecoin (DOGE) and XRP ETFs Have Hit the Market – Here’s What You Need to Know and a Bloomberg Analyst’s Take

A historic development has occurred in the cryptocurrency market. Spot exchange-traded funds (ETFs) directly tracking the price of Dogecoin (DOGE) and XRP began trading in the US for the first time today.

The REX Shares and Osprey Funds jointly launched products include the REX-Osprey XRP ETF (XRPR) and the REX-Osprey DOGE ETF (DOJE). These two funds offer spot-based access to crypto assets, allowing investors to invest directly in DOGE and XRP through exchanges.

Related News: Coinbase Announces Collaboration with This Altcoin, Price Volatility High! REX-Osprey has chosen to ensure regulatory compliance by registering its ETFs under the Investment Company Act of 1940.

The REX-Osprey SOL Staking ETF, which tracks the price of Solana (SOL) and staking rewards, was previously launched with a similar legal structure. Trading volumes reached remarkable levels after the launch.

Bloomberg analyst Eric Balchunas noted that the DOGE ETF saw approximately $6 million in trading volume in the first hour, while the XRP ETF reached $24 million within 90 minutes. Balchunas noted that these figures surpassed the first-day volumes of previously traded XRP futures ETFs.

*This is not investment advice. Continue Reading: The First Dogecoin (DOGE) and XRP ETFs Have Hit the Market – Here’s What You Need to Know and a Bloomberg Analyst’s Take