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Dogecoin’s journey from being a enjoyable memecoin to garnering reputation from the likes of SpaceX/Tesla boss Elon Musk is cementing itself into the mainstream as Grayscale’s GDOG ETF began buying and selling on NYSE Arca on Monday with a zero-fee construction for its first $1 billion, marking the primary U.S.-listed spot DOGE exchange-traded fund (ETF).
Nevertheless, debut buying and selling quantity for the much-anticipated DOGE product got here in drastically decrease than anticipated by pundits.
Grayscale’s GDOG Underwhelming Debut
Bloomberg’s senior ETF analyst famous that GDOG recorded $1.41 million in day-one buying and selling quantity however no web inflows, marking a a lot quieter begin than his preliminary quantity estimation of $12 million in debut buying and selling.
“Stable for a median launch however low for a ‘first-ever spot’ product,” Balchunas wrote in a put up on X. “Not too shocking [though], we truly made a rhyme some time in the past predicting this: ‘The additional away you get from BTC, the much less asset there might be.’”
Dogecoin is the tenth largest crypto by market cap at $22.8 billion, in keeping with crypto information supplier CoinGecko. The coin began as a meme that includes the Shiba Inu canine that later caught Musk’s consideration because the centibillionaire ceaselessly posted concerning the OG memecoin.
 
The muted launch for GDOG pales compared to lately listed ETFs monitoring the costs of Solana and XRP. Earlier this month, Canary Capital’s spot XRP fund (XRPC) raked in roughly $58 million in buying and selling quantity, the strongest debut of any ETF launched this yr.
Canary’s XRPC even surpassed the Solana staking ETF from Bitwise — which registered roughly $57 million in buying and selling quantity on day one in October.
Grayscale’s GDOG is now the second to record within the U.S. following the debut of the REX-Osprey DOGE ETF in September. That one took a distinct strategy since it’s registered underneath the Funding Firm Act of 1940, which offers a 75-day approval window, however doesn’t instantly maintain the cryptocurrency.
One other Dogecoin ETF is anticipated to hit the market quickly, after NYSE Arca filed with the U.S. Securities and Alternate Fee (SEC) on Tuesday to certify its approval and itemizing of Bitwise’s Dogecoin ETF (BWOW), which Bitwise introduced would begin buying and selling on Wednesday.
In the meantime, DOGE’s worth is buying and selling simply round $0.1502, over 79% from its all-time excessive of $0.7316, in keeping with CoinGecko. During the last seven days, the altcoin has witnessed a decline of over 5%, exacerbated by the broader crypto market correction that began in October.
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