DOGE Surges Past Blue Chips as ETF Buzz and Government Initiative Closure Drive Gains
DOGE, the memecoin, outperformed both the CoinDesk 20 Index and the CoinDesk Memecoin Index on Monday after the White House announced the early closure of Elon Musk’s government efficiency initiative.
CoinDesk data showed DOGE trading around $0.145, up more than 3% for the day—well above the roughly 0.6% rise in the CoinDesk 20 (CD20) and Memecoin Index.
The rally is supported by newly approved DOGE-focused spot ETFs. Grayscale’s GDOG is set to begin trading, while Bitwise’s DOGE product may launch under the 20-day 8(a) window. Despite this bullish catalyst, whale selling and weak technicals leave near-term price action fragile.
BTC and ETH remain under pressure, down roughly 9% and 10% for the week, with most large-cap tokens lagging.
DOGE’s gains are also fueled by its usual media effect, often tied to Elon Musk mentions. The White House confirmed the Department of Government Efficiency will shut down eight months early, with its functions transferred to traditional agencies following Musk’s split from former President Trump.
Interestingly, cat-themed memecoins outperformed dog-themed coins this week, rising 4.2% versus 4%, according to CoinGecko.
