Dogecoin's Weekend Rally Tests Wall Street's Appetite
Dogecoin surged by 7.9% over the weekend to reach $0.09126, significantly outperforming Bitcoin and Ether on the same venue. The rally appears to be a high-beta trade, with Dogecoin's 24-hour range stretching 12.9%. However, this move has been met with some skepticism as Wall Street's three spot Dogecoin funds recorded zero net inflow on Friday.
The combined holdings of these funds represent roughly 0.09% of the coins in circulation, and they own about nine coins per 10,000 outstanding. This is a relatively small portion of the total supply, with 155.79 billion DOGE currently in circulation. The fund flow will be closely watched on Tuesday when the creation desks reopen.
Bitwise CEO Hunter Horsley has described Dogecoin as not having fundamentals or utility, but rather being driven by price and community sentiment. This view is reflected in the fund's wrapper, which provides custody and brokerage access, but also comes with fees of 0.34% annually. The supply of DOGE continues to expand, with miners receiving five billion new coins each year.