Dogecoin ETF trading has arrived in the U.S., but the first day was muted. Grayscales GDOG spot fund on NYSE Arca tallied about $1.4 million in volume and $1.7 million in assets on launch, according to SoSoValue. Thats a slow start compared to recent crypto ETF debuts.
Key numbers at a glance
- First-day trading volume: $1.4 million
- Reported assets under management: $1.7 million
- Ticker and venue: GDOG on NYSE Arca
- Asset: Dogecoin (DOGE), the 10th-largest crypto by market cap
How it stacks up
Recent launches set a high bar. Canary Capitals XRP ETF (XRPC) saw about $58 million on day one, while Bitwises spot Solana fund (BSOL) traded roughly $57 million at launch. Ahead of Mondays open, Bloombergs Eric Balchunas suggested GDOG could see up to $12 million in first-day activity in an X post, but actual trading landed far below that. He later said the showing was typical for an average ETF debut, though light for a first-of-its-kind spot product, per his follow-up.
What changes next
Grayscales fund likely wont have the market to itself for long. Bitwises Dogecoin ETF is slated to begin trading on Wednesday under ticker BWOW on NYSE Arca, giving GDOG just two sessions to establish a lead, as noted by Balchunas on X.
Spot vs. synthetic exposure, explained
GDOG is a spot ETF under the Securities Act of 1933, meaning it holds DOGE directly in a U.S.-based trust. That is different from the REX-Osprey DOGE product (DOJE) on Cboe BZX, which gets exposure through a European DOGE ETF and derivatives rather than owning the tokens itself. For investors, a spot ETF aims to mirror the underlying coin more closely, while derivative-based funds can add extra complexity and tracking differences.
Market reaction
DOGE edged higher during the debut, up about 2% to roughly $0.15 by press time. That small gain suggests traders were watching the listing but not rushing in.
XRP funds pick up steam
The U.S. Securities and Exchange Commission also cleared Grayscales XRP fund on Nov. 21. With Canary Capitals spot XRP ETF already trading, the category is growing quickly. SoSoValue shows spot XRP ETFs reached $87.8 million in daily value traded and $628.6 million in total net assets on Nov. 24, roughly double last Fridays levels.
Why this matters
ETFs bring crypto to mainstream brokerage accounts, letting people buy exposure without handling wallets or exchanges. A softer Dogecoin debut hints that demand from big investors still concentrates in networks seen as payment or smart-contract platforms, like XRP and Solana. But the presence of multiple DOGE ETFs could still broaden access for retail buyers who follow memecoin narratives made popular by figures like Elon Musk and Mark Cuban.
What to watch next
- Competition: Bitwises BWOW listing and whether it boosts total category volume.
- Flows vs. volume: Actual net inflows, which were not disclosed on day one, will show real demand.
- Pricing and tracking: How closely GDOG tracks DOGE during volatile sessions.
Bottom line: The first U.S. spot Dogecoin ETF is here, but investor interest started small. If more issuers join and marketing ramps up, DOGEs ETF story may turn from a quiet open into a longer run.