Blue Chips Stumble — DOGE Rises as D.O.G.E Exits the Scene

DOGE Outperforms Blue Chips Amid ETF Launch and Government Initiative Closure

DOGE, the memecoin, surged past both the CoinDesk 20 Index and the CoinDesk Memecoin Index on Monday after the White House announced the closure of Elon Musk’s government efficiency initiative.

CoinDesk data showed DOGE trading around $0.145, up over 3% for the day, outpacing the roughly 0.6% gains in both the CoinDesk 20 (CD20) and Memecoin Index.

The rally is being supported by newly approved DOGE-focused spot ETFs. Grayscale’s GDOG is set to begin trading, while Bitwise’s DOGE product could go live under the 20-day 8(a) window. Still, whale selling and weak technicals make near-term price action fragile.

BTC and ETH remain under pressure, down about 9% and 10% for the week, with most large-cap tokens lagging.

While ETF news is the primary driver, DOGE often benefits from Elon Musk-related headlines. The White House confirmed the Department of Government Efficiency will close eight months early, with its functions absorbed by traditional agencies following Musk’s split from former President Trump.

Interestingly, cat-themed memecoins outperformed dog-themed tokens this week, growing 4.2% versus 4%, according to CoinGecko.