Dogecoin News Today: Crypto ETFs Signal Mainstream Shift as XRP Debut Shatters $58M Volume Record

The Block may earn a commission if you use our partner offers, at no extra cost to you. The debut of Canary Capital's XRP ETF (ticker XRPC) has shattered records, generating $58 million in day-one trading volume and signaling a surge in investor appetite for crypto-backed exchange-traded funds.

The ETF, which tracks the fourth-largest cryptocurrency by market capitalization, outperformed the previous benchmark set by Bitwise's Solana ETF (BSOL), which had $57 million in its first day of trading last year. The launch marks a pivotal moment for crypto ETFs, with analysts suggesting the market is primed for further innovation as regulatory clarity emerges.

The XRPC ETF's success is part of a broader trend of institutional interest in crypto assets. In its first hour alone, the fund generated $26 million in volume, according to Bloomberg senior ETF analyst Eric Balchunas. This rapid uptake highlights a shift in investor sentiment, with crypto assets transitioning from speculative bets to mainstream financial instruments. "The median opinion of a crypto asset does not determine an ETF's success," Bitwise CIO Matt Hogan noted on X, emphasizing that passion among a minority of investors can drive substantial capital inflows.

Regulatory developments have also accelerated the pace of crypto ETF launches. The Securities and Exchange Commission issued guidance during the recent government shutdown, clarifying that firms could proceed with public filings without a "delaying amendment". This framework allowed Canary to list XRPC on Nasdaq on Thursday, with the ETF meeting the SEC's September-mandated listing standards. Other firms, including Bitwise, 21 Shares, and Grayscale, are now positioned to follow suit, with proposals for XRP and Dogecoin (DOGE) ETFs awaiting approval.

The Dogecoin market has already seen early traction. REX Shares and Osprey Funds launched a hybrid DOGE ETF (ticker DOJE) in September, which generated $17 million in opening volume. While DOJE's structure differs from traditional ETFs-directly holding DOGE tokens and investing 40% in related ETFs-it underscores growing demand for meme-coin exposure. With the SEC's regulatory environment stabilizing, analysts anticipate a wave of DOGE ETFs could follow, particularly as the asset's price volatility attracts retail investors seeking high-risk, high-reward opportunities.

Despite the bullish ETF activity, XRP's price dipped 3% on Thursday, trading around $2.30. However, this did not deter investors, with XRPC's performance outpacing all but a handful of 2024 ETF launches. The fund's CEO, Steven McClurg, credited the SEC's streamlined approval process for enabling faster access to crypto markets. Meanwhile, the broader crypto sector faces a mixed outlook: while XRP and DOGE ETFs attract capital, a broader market rout continues, reflecting divergent investor strategies between speculative and long-term assets.

The XRPC and DOJE debuts highlight a critical inflection point for crypto. As more ETFs gain regulatory green lights, the line between digital assets and traditional finance continues to blur. For now, the focus remains on whether this momentum will translate into sustained demand-and whether the SEC's evolving stance will foster a new era of crypto investment.