Dogecoin Faces 80% Drop in ETF Inflows

Dogecoin's much-anticipated exchange-traded fund (ETF) launch has taken an unexpected dive. Although the new GDOG fund started strong, it quickly lost momentum as investor activity dropped sharply. This launch was expected to significantly enhance Dogecoin's presence by inviting more institutional investors. Instead, inflows for the Dogecoin ETF have dramatically decreased by 80%.

Key Takeaways

The launch of the GDOG ETF for Dogecoin has resulted in a surprising 80% drop in inflows.
Initial excitement brought in approximately $1.8 million on the first day, but this fell to only about $365,420 on the second day.
Comparisons with previous successful crypto ETFs highlight the disappointing performance of the Dogecoin ETF.
The initial weak inflows raise concerns about institutional interest in meme coins like Dogecoin.
Other asset managers are preparing to launch their own Dogecoin ETFs, potentially indicating ongoing interest from the crypto community.

Dogecoin

80% Decline in Dogecoin ETF Inflows

The debut of Grayscale Investments’ first spot Dogecoin ETF, which trades under the ticker GDOG, was seen as a landmark event, marking the first time Dogecoin would be accessible to average investors through a standard brokerage. The product officially launched on November 24, 2025, after converting Grayscale's existing DOGE trust into a publicly traded ETF.

However, just two days after the launch, enthusiasm appears to have waned. Although the first day brought in around $1.8 million, the second day saw inflows plummet to approximately $365,420—a staggering 80% decrease. This means cumulative net inflows total about $2.16 million, a modest figure for what many anticipated would be a significant event for Dogecoin.

Expectations surrounding GDOG were initially high, particularly when compared to previous successful inflows seen in crypto ETFs like those for Bitcoin, Ethereum, and more recently Solana. For instance, Spot Solana ETFs that launched on October 18 attracted $117.39 million in the first two days. Similarly, newly launched Spot XRP ETFs garnered $243.05 million on their first trading day.

According to data from SoSoValue, the trading volume for the Dogecoin ETF was about $1.41 million on the first day—far below expectations—and it decreased by roughly 78% to $397,620 on the second day.

Implications for DOGE and the Meme-Coin Market

The weak start for the GDOG ETF raises important questions about whether meme coins like Dogecoin can thrive in traditional financial markets. On one hand, the ETF listing is a significant achievement for a token that originated as a joke, allowing it to trade alongside traditional assets on major exchanges. On the other hand, the lack of robust capital inflows indicates potential limitations in interest from institutional investors.

However, it is still too early to draw definitive conclusions. The long-term significance of DOGE ETFs will become clearer as the market has time to adjust to these new offerings. A successful DOGE ETF could pave the way for more meme-coin funds, leading some to speculate about the potential for an ETF for Shiba Inu.

In addition to Grayscale, other asset managers have Spot Dogecoin ETFs in the pipeline, ready to hit the market. Bitwise has already launched its Dogecoin ETF following Grayscale’s debut, although early inflow numbers have yet to be reported. The firm has indicated they moved forward with this product in response to a request from the DOGE community.

Dogecoin price chart from Tradingview.com

DOGE price continues to face challenges amidst a slowdown in activity. | Source: DOGEUSDT on Tradingview.com