Dogecoin News Today: Meme Coin Mania vs. Market Skepticism: GDOG's Debut Exposes Altcoin ETF Hurdles

Grayscale's Dogecoin Trust ETF (GDOG) began trading on the New York Stock Exchange on November 24, 2025, marking the first U.S.-listed spot Dogecoin (DOGE) exchange-traded product. The ETF, which converts the firm's existing Dogecoin trust into a regulated ETF structure, aims to provide investors with direct exposure to DOGE without the complexities of holding the cryptocurrency directly. Despite this milestone, GDOG's debut was underwhelming, with first-day trading volume totaling just $1.41 million - far below Bloomberg analyst Eric Balchunas's estimate of $12 million. The low volume has raised concerns about the liquidity of altcoin ETFs and the broader appetite for meme-coin-related investments.

The ETF's structure allows Grayscale to leverage its existing Dogecoin reserves, managed by Coinbase Custody, to offer a regulated product with a temporary 0% expense ratio for the first three months according to reports. However, the market's muted response suggests that investors may still view DOGE as a speculative asset rather than a serious financial product. Balchunas noted that the low volume was "solid for an average launch" but "disappointing for a 'first-ever spot' product," highlighting the disparity between DOGE's popularity and institutional adoption.

The launch of GDOG coincided with broader activity in the XRP ETF market, where Grayscale's GXRP and other issuers' products have seen mixed results. While GXRP recorded $67.4 million in net inflows on its debut, it lagged behind Canary Capital's XRPC ETF, which attracted $243 million in its first day. This divergence underscores the challenges of capturing demand for altcoins, even as the SEC's resumption of crypto ETF reviews has spurred new filings. Bitwise, 21Shares, and REX Shares have all launched or are preparing XRP and DOGE ETFs, signaling a competitive landscape.

The market reactions to GDOG's launch were mixed. Dogecoin's price rose nearly 5% in the days leading up to the ETF's debut, driven by renewed optimism and social media buzz. However, the token's price remains below its October peak of $0.32 and faces key resistance levels around $0.135-$0.140. Analysts caution that without sustained institutional demand, DOGE's volatility could persist, limiting the ETF's appeal to risk-averse investors.

The underwhelming performance of GDOG contrasts with the success of Bitcoin and Ethereum ETFs, which have attracted billions in inflows. Balchunas's analysis points to a broader trend: the further an asset is from Bitcoin, the lower its liquidity potential. This dynamic raises questions about the scalability of altcoin ETFs and the extent to which they can replicate the success of major crypto assets.

Looking ahead, the market will closely watch Bitwise's proposed DOGE ETF (BWOW), expected to launch in late November 2025. If approved, BWOW could either bolster confidence in the asset class or further expose the challenges of attracting capital to altcoins. For now, Grayscale's GDOG remains a test case for the viability of meme-coin ETFs in a rapidly evolving regulatory and market environment.