Dogecoin fails to rally despite doge ETF launch and more upcoming funds
Even though more parties are entering the dogecoin ETF arena, the token is falling along with the broader crypto market.
Just a few days after the launch of the first dogecoin ETF, 21Shares listed its own dogecoin ETF on the Depository Trust & Clearing Corporation’s “active and pre-launch” listings under the ticker TDOG.
“We welcome the recognition of TDOG’s listing in the DTCC registry as an important procedural step, as it reflects progress toward operational readiness. However, we are still awaiting full regulatory approval from the SEC before we can speak to commercial launch timing or make further announcements,” a 21Shares spokesperson told Sherwood News.
Dogecoin has tumbled, just like the overall crypto market, which is experiencing a major pullback. The token, the eighth-largest by market cap, is down 9.6% in the past week but is regaining some ground today, eking up 0.3% over the past 24 hours.
Last week, the Rex-Osprey DOGE ETF hit the market, coinciding with the SEC approving generic listing standards, which paves the way for speedier listings.
Inflows to date stand at $8.18 million, according to Rex-Osprey.
In comparison, bitcoin ETFs, which the SEC approved in January 2024, recorded $4.6 billion in trading volume on their first day of trading. BlackRock iShares Bitcoin Trust ETF, the largest spot bitcoin ETF, recorded $386 million in inflows on its first day of trading, January 11, 2024, SoSoValue data shows.
On its first day, Rex-Osprey’s dogecoin ETF generated a trading volume of $17 million, “which would be Top 5 for year.. out of 710 launches,” Bloomberg analyst Eric Balchunas posted.
Several dogecoin ETFs are waiting for approval, including from Grayscale and Bitwise.
