Grayscale's Dogecoin ETF Launch Falls Short of Expectations

Summary:
Grayscale's recently launched Dogecoin ETF debuted on NYSE Arca with a trading volume of approximately $1.4 million, which is significantly lower than analysts had anticipated. Various factors could influence the ETF's performance in the coming weeks.

Key Takeaways

Grayscale's Dogecoin ETF started trading on NYSE Arca, attracting $1.4 million on its first day.
This volume was below analyst forecasts and comparative to other recent cryptocurrency ETFs.
The fund features a management fee of 0.35%, waived for at least the first three months.
Analysts will be watching Dogecoin's price movements and the impact of competing ETFs on the market.

Grayscale Dogecoin ETF launch sees lower volume than analysts projected - 1

Grayscale’s Dogecoin ETF Begins Trading

Grayscale's spot Dogecoin exchange-traded fund has commenced trading on NYSE Arca, with a modest initial volume of around $1.4 million, as reported by market data. This figure is notably below the expectations set by market analysts, with some forecasts predicting a much higher opening day volume.

The ETF is equipped with Dogecoin doge2.09% holdings and has around 94,700 shares currently outstanding. Although the fund typically carries a management fee of 0.35 percent, Grayscale has waived this fee, leading to a zero expense ratio until it achieves a designated asset threshold or for the first three months — whichever comes first.

The initial trading volume of the Dogecoin ETF was less than that of recently launched cryptocurrency ETFs, such as those focusing on XRP XRP xrp1.06% and Solana Solana sol3.53%, which recorded higher initial inflows, according to market tracking reports.

Market observers highlight several elements that may influence the ETF's success in the short term. Factors include the effect of the fee waiver on attracting new assets, fluctuations in Dogecoin's price as new products enter the market, and potential shifts in investment flows as more Dogecoin ETFs, including an upcoming product from Bitwise, launch.

Analysts are currently analyzing creation and redemption activities alongside order book data to better evaluate the actual demand for this Dogecoin ETF, noting the importance of these metrics to understand the market's response.

Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, scheduled to begin trading Monday. Their XRP spot is also launching on Monday. $GLNK coming soon as well, week after I think. - @EricBalchunas, November 21, 2025.

Following the ETF's launch, Dogecoin's spot market demonstrated limited price movement, suggesting a subdued reaction to the listing. This debut occurs at a time when multiple new cryptocurrency ETFs are entering the market, with more competitive offerings expected soon.