Dogecoin exchange-traded funds drew minimal investor interest during their debut week, recording just over $2 million in total net inflows as of Nov. 29,. The lackluster performance contrasts sharply with recent launches of XRP and Solana ETFs, which attracted significantly higher capital flows in their opening weeks.
Dogecoin surged 10% during the past week to reach $0.15, joining a broader cryptocurrency market recovery attempt.
What Happened: New ETFs Launch
Grayscale converted its Dogecoin Trust into a spot ETF on Nov. 24, trading under the ticker GDOG on the New York Stock Exchange. Bitwise followed Nov. 27 with its own product, BWOW, giving investors regulated access to the meme cryptocurrency through traditional brokerage accounts.
Analyst Ali Martinez identified critical price levels for Dogecoin on social media Nov. 29, placing support at $0.08 and resistance at $0.20.
The asset last tested the lower support level during summer 2023, when it traded below $0.10 before rallying to nearly $0.50 following the presidential election. Dogecoin most recently approached the $0.20 resistance level in late October before declining to $0.135 and recovering to current prices.
Also Read: XRP Technical Setup Mirrors 2017 Pattern As RLUSD Reaches $1 Billion Milestone
Why It Matters: Limited Institutional Demand
The muted response to Dogecoin ETFs raises questions about institutional appetite for meme coin investment products. XRP ETFs pulled in $243 million on their Nov. 14 debut day alone, while Solana funds attracted more than $64 million during their late October launch, according to SoSoValue data. Both products maintained strong subsequent inflows, accumulating over $600 million each in their initial weeks.
Bitwise Chief Executive Hunter Horsley defended the product launch despite tepid demand.
"DOGE is simply a 12-year-old coin based on a picture of a cute dog, people doing good, and the common ideal in crypto that people should have the freedom to do as they choose," he said in a statement. "And, against the odds, it has kept its relevance—and its value—longer than just about anything else in crypto."
Bloomberg ETF analyst Eric Balchunas had projected $11 million to $12 million in first-day volume for the Grayscale product, but actual trading reached only $1.4 million.
The fund recorded zero net inflows on its debut, an uncommon outcome for newly listed single-asset cryptocurrency products.
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