Dogecoin ETF Flops on Day One: Is Crypto Losing Its Shine? 😅🚀

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Grayscale’s shiny new spot Dogecoin ETF (GDOG) kicked off with a modest $1.4 million in trading volume-talk about a slow start, darling. 🎩📉

Meanwhile, Dogecoin (the meme coin that everyone loves to meme about) took a tiny tumble, because what’s a launch without a little drama? Traders are playing it cool, or maybe just hiding behind their keyboards, while new institutional products suddenly think they’re the next big thing for mainstream finance. Spoiler alert: We’re watching you, Wall Street. 👀

Grayscale’s Dogecoin ETF Debuts With Muted $1.4 Million Volume

On Monday, the Grayscale Dogecoin Trust ETF decided to make its debut on NYSE Arca-hello, world! This shiny milestone places Dogecoin, the tenth-largest crypto by market cap, into the big leagues. According to Grayscale, they’re managing around $1.7 million in assets, with each share offering a sparkling NAV of $17.98. Wow, such numbers, many wow. 💸✨

Prior to launch, Bloomberg’s ETF guru Eric Balchunas predicted GDOG might rake in a jaw-dropping $12 million on opening day. Instead, it was more like a polite wave-barely making a splash.

“GDOG (the first Doge ETF) saw $1.4m volume on Day One.. solid for an average launch but low for a ‘first-ever spot’ product,” he quipped, probably with a raised eyebrow.

Seems like institutional interest is cooling off faster than you can say “To the moon?” as ETFs roll down from Bitcoin to smaller, less glamorous altcoins. XRP and Solana ETFs pulled in a whopping $59 million and $56 million respectively on debut-talk about a full house, and GDOG is just in the balcony. Meanwhile, Rex-Osprey’s Dogecoin ETF pulled in $17 million earlier this September, still a tad shy of Bitcoin’s bling, but hey, it’s a start.

And of course, the Dogecoin ETF race isn’t over yet. Bitwise is planning to launch its own spot Dogecoin ETF, BWOW, on November 26, because apparently, millions of DOGE loyalists can’t get enough of crypto exposure, even if their wallets are feeling a tad lighter lately. 💼🐕

“Many DOGE holders, a community large enough to fill a stadium, want in; they deserve the chance to hold their favorite meme coin in an ETP,” said Hunter Horsley, CEO of Bitwise. Because who doesn’t want to turn meme magic into money? ✨💰

But hold onto your hats, because these launches come amid a rocky market. The crypto rollercoaster has been more of a free-fall since October, with the market doing its best impression of a sad wind chime. Despite some brief “recovery” moments, today’s turbulence has definitely put a damper on Dogecoin’s fun parade.

According to BeInCrypto’s market gossip, Dogecoin’s price has dipped a teeny 0.219% in the last 24 hours, trading at around $0.15. Because nothing says “badass meme coin” like a little downward drift, right? 🎢

All in all, the launch of Dogecoin ETFs signals that Wall Street is taking one more step into meme territory beyond Bitcoin and Ethereum. But whether they’ll actually make it rain depends on whether the investors keep the faith or just watch from the sidelines and yawn. For now, everyone’s just waiting to see if Doge will rise like a phoenix-or just flop back into the meme abyss. 🚀🙃

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2025-11-26 09:49