Dogecoin, the meme coin now ranked 10th by market cap, surged 24% over the past week, outpacing bitcoin up 4% and ethereum up 6%. Despite the price strength, spot dogecoin ETFs drew little cash on Tuesday, with Grayscale’s GDOG and Bitwise’s BWOW posting zero inflows. Rex-Osprey’s DOJE ETF, the first of its kind to hit the market, also registered zero inflows on Tuesday despite about $24 million in assets under management. 21Shares’ leveraged 2x Long Dogecoin ETF likewise saw no inflows on Tuesday.
Rex’s King said DOJE traded about 250,000 shares, well above its 59,000-average, suggesting demand was rising on a 21% up day even as flows remained tepid. Creations, meaning buying the underlying security and wrapping it in an ETF, don’t always translate into immediate volume, but the 21% up day for DOGE indicates increasing demand for DOJE. Yet demand for dogecoin ETFs has been tepid so far, particularly compared with other altcoin ETFs, with XRP ETFs recording $78.8 million in inflows this month and XRP up 19% in the past week.
XRP ETFs have recorded $78.8 million in inflows this month and have yet to see a single day of outflows, while XRP is up 19% in the past week. Solana ETFs have attracted $35.1 million in January, with Solana up roughly 9% in the last seven days. Analysts say the divergence between ETF flows and price action highlights the community-driven strength behind Dogecoin, with some observers noting that inflows can lag behind retail-driven surges. Alan Orwick of Dominant Strategies calls doge ETFs a flop since inception, but argues the asset’s meme-driven momentum can keep pricing power alive without Wall Street backing.
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