Dogecoin ETF launches On Nasdaq But Wall Street Demand Stays Limited

TLDR

• 21Shares launched the Dogecoin ETF (TDOG) on Nasdaq with physical backing.
• Total Dogecoin ETF trading volume is $200M since first launch in 2025.
• All Dogecoin ETFs together manage less than $40M in total assets.
• XRP ETFs launched later but saw over $2B in total trading volume.

Dogecoin has received another ETF listing through 21Shares, expanding its reach into traditional financial markets. Despite the move, investor demand from major Wall Street players remains low, reflecting limited interest in memecoins within institutional circles.

Dogecoin ETF Launches on Nasdaq with Low Institutional Response

Crypto ETF issuer 21Shares has released a new Dogecoin ETF, trading under the ticker TDOG on the Nasdaq. This product offers regulated, physically backed exposure to the Dogecoin asset.

Federico Brokate, global head of business development at 21Shares, said, “TDOG offers investors regulated, physically backed exposure to DOGE through an ETF structure they already understand and trust.”

The ETF is supported by the Dogecoin Foundation’s corporate arm, House of Doge, which sees this as progress in integrating Dogecoin into mainstream financial systems. CEO Marco Margiotta stated, “TDOG is another step toward making Dogecoin accessible through established financial structures.”

Despite Dogecoin’s global recognition and being the tenth largest cryptocurrency by market cap, this ETF launch has not sparked much interest among institutional investors.

Low Trading Volume Reflects Limited Wall Street Demand

Since the first U.S. Dogecoin ETF—REX-Osprey DOGE ETF (DOJE)—launched in September 2025, trading activity has slowed. Although DOJE recorded $17 million in trading on its first day, overall volume for Dogecoin ETFs has reached only $200 million.

Compared to XRP, another digital asset with recent ETF launches, Dogecoin lags behind. XRP spot ETFs have recorded over $2 billion in trading volume since their debut in late 2025. Dogecoin ETFs collectively hold under $40 million in assets under management, indicating weak demand from financial institutions.

Alan Orwick, CEO of Dominant Strategies, said earlier this month, “The fact that Dogecoin can pump 21% in a week without a single dollar of ETF inflows shows the community still has pricing power independent of Wall Street.”

Community-Led Approach Drives Dogecoin Utility Efforts

Dogecoin’s origins as a meme and its strong online community make it stand out in the crypto space. This identity may explain why large financial institutions remain hesitant to adopt it through ETFs.

Still, companies tied to Dogecoin’s development continue to explore ways to expand its usage. House of Doge is working with Brag House Holdings to launch a new mobile app that will support Dogecoin payments. The app, expected in the first half of 2026, aims to pair a self-custodial wallet with tools for merchants.

Marco Margiotta noted, “We want to see Dogecoin become a widely used global decentralized currency.”

Corporate Treasuries and Broader Use Cases Underway

Some companies have taken steps to include Dogecoin in their business operations. Firms such as Bit Origin, CleanCore, and Thumzup have adopted Dogecoin in their corporate treasuries.

Thumzup, a company that rewards users for sharing content about advertisers, is exploring Dogecoin-based rewards. These developments show an effort to move Dogecoin beyond speculation into more real-world use cases, despite low institutional participation in ETF markets.

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