Dogecoin's Price Still Tied to Public Attention, Not Fundamentals

Dogecoin's price has always been closely tied to public attention rather than any fundamental drivers. The coin started as satire in 2013, using a modified version of the Bitcoin code and featuring a Shiba Inu with questionable grammar.

Despite its limited development and an unlimited supply of coins, Dogecoin has attracted significant interest over the years. Elon Musk's tweets about the coin sparked a moonshot in 2021, but its price crashed when he jokingly called it a 'hustle' on Saturday Night Live.

The largest Dogecoin ETF, REX-Osprey DOGE, was launched in September 2019 and has had a rough first year. As of September 25, the fund is down 57.6% over the past 12 months, with its share price sitting 64.5% below its 52-week high.

However, there has been a recent bounce, with DOJE gaining 28.2% over the last quarter and 14.8% over the last month. Despite this, the fund's daily trading volume is relatively low, averaging around $247,000 per day compared to Apple's daily trading volume of approximately $744,000 every second.