The debut performance of the Dogecoin ETF is disappointing, far below market expectations, and even lags behind the launch performance of XRP and Solana ETFs. Despite Dogecoin's broad popularity and active community, this ETF struggles to attract significant capital inflows and strong institutional demand. Early trading data also falls short of top ETF analysts' expectations.
The Dogecoin ETF has launched, but its performance is mediocre.
The highly anticipated Dogecoin ETF debut has started slowly, with initial trading volumes far below expectations. Currently, only the Grayscale Dogecoin ETF (GDOG) has successfully launched. Although Grayscale is the second-largest Bitcoin fund and manages a top Ethereum ETF, its Dogecoin ETF has not attracted widespread attention from institutions or retail investors.
According to data from SoSoValue, the Grayscale Fund's Dogecoin ETF had a trading volume of only $1.41 million on its first day, with a total net inflow of $1.8 million. More surprisingly, investor enthusiasm quickly cooled: on the second trading day, November 25, inflows plummeted to $381,650, a decrease of about 73% from the previous day.
Earlier this year, the ETFs for Dogecoin (DOGE), Solana (Solana), and Ripple (XRP) were among the most anticipated issuance projects by investors. On November 21, the U.S. Securities and Exchange Commission (SEC) confirmed the approval of the Dogecoin ETF. Despite the market's excitement post-approval and a rebound in Dogecoin's price, the ETF ultimately failed to attract significant inflows.
Even top ETF analyst Eric Balchunas initially predicted that the Grayscale Dogecoin ETF (GDOG) would attract $11 million in inflows on its first day of trading, and on the day GDOG officially launched, he revised the expectation to $12 million. However, the ETF ultimately only garnered $1.41 million in inflows, disappointing both investors and analysts.
Dogecoin ETF lags behind Solana ETF and Ripple ETF
The performance of the Grayscale Dogecoin ETF sharply contrasts with the recent launch of the XRP ETF. The XRP ETF recorded a daily net inflow of $243.05 million on its first day of trading on November 14, significantly increasing compared to GDOG's first-day trading volume, highlighting market enthusiasm for XRP.
Notably, the XRP ETF has recorded inflows for nearly 10 consecutive trading days, with a total net inflow amounting to $622.1 million. This strong performance is mainly led by Canary Capital's XRP ETF, which set a historical high of $58 million in trading volume on its first day.
On the other hand, the Solana ETF's inflows also surpassed those of Dogecoin (DOGE). Launched in late October, the Solana ETF attracted over $64 million in funding on its first day of trading. Although this initial figure did not match XRP's impressive early performance, it was still over 4439% higher than Dogecoin's (GDOG) first-day inflow. Currently, the Solana ETF has maintained stable inflows since its launch, with cumulative net inflows reaching $621.32 million.
