First-Ever Dogecoin ETF Flops on Day One as $GDOG Pulls In Just $1.4M

The Grayscale Dogecoin Trust ETF, trading under the ticker $GDOG, is now officially live and available in regular brokerage accounts across the United States. The product marks the first spot Dogecoin ETF to reach the market, a milestone many expected would generate intense interest given the global popularity of the original memecoin.

Instead, GDOG’s debut was unexpectedly quiet. The ETF recorded $1.4 million in first day trading volume, which analysts describe as solid for an average ETF launch but surprisingly low for a historic first ever Dogecoin product. 

“Not too surprising tho, we actually made a rhyme a while ago predicting this: ‘The further away you get from BTC, the less asset there will be,” said Eric Balchunas.

Debate Sparks

The lukewarm launch revived a long running question. Should a memecoin be packaged inside a regulated ETF structure at all?

One user asked ETF analyst Nate Geraci if he planned to invest in GDOG. The question continued by arguing that the ETF wrapper may be giving Dogecoin credibility it does not deserve.

Geraci responded by challenging the premise. He asked where investors believe the line should be drawn regarding which assets “deserve” an ETF wrapper. He pointed to the broader context instead. According to Geraci, the launch of GDOG is part of a much larger positive story about rapid regulatory progress in crypto over the past year.

However, he did not answer directly whether he plans to hold the Dogecoin ETF himself.

More ETFs Are Coming

Bloomberg ETF analyst James Seyffart said that Dogecoin and Chainlink are the next two assets lined up for new ETF launches, and the market will see at least five more new crypto ETFs within the next ten days.

Seyffart said he counts more than 130 ETF filings related to crypto assets or crypto derivatives that could hit the United States market in the next six months.

These include futures based products, leveraged funds and a range of additional spot ETFs. Some assets will qualify under the new generic listing standards, which require an active futures market on an approved derivatives venue such as Coinbase Derivatives or CME.

Others, including smaller memecoins like MOG, face hurdles because no futures market exists for them yet. This could delay their ETF prospects until 2026.