On Sep. 18, 2025, the first U.S. spot Dogecoin exchange-traded fund, the REX-Osprey DOGE ETF (DOJE), went live.
The narrative was that Dogecoin (DOGE) would step out of meme territory and into the financial mainstream. But after its first week of trading, the market response suggests that hype has outpaced fundamentals.
DOJE’s Day-One Hype vs. Week-One Reality
On its first trading day, DOJE recorded about $17 million in trading volume, easily beating early forecasts. Combined with the simultaneous XRP (XRP) ETF debut, the total day-one volume across those two funds hit $54.7 million. For a meme coin, the Dogecoin ETF had a headline-grabbing entrance into the market.
But the enthusiasm faded fast. After one week of trading, DOJE’s net inflows had totaled $9.9 million. By comparison, the new Ethereum (ETH) ETFs that launched in July 2024 saw $1 billion in inflows during their first week, excluding the Grayscale Ethereum Trust’s converted ETF offering.
The pattern was clear: strong curiosity on day one, then modest follow-through.
During the same period, Dogecoin’s price declined roughly 11%, slipping below $0.24 and even dropping 1.5% intraday in one session.
What began as a spectacular debut turned into a muted first week.
Why Dogecoin ETF Interest Was Muted
The first reason investors have not rushed into the first Dogecoin ETF is its structure. DOJE is not a simple vault of Dogecoin shares. Its design has to navigate SEC and regulatory constraints. As Bloomberg ETF analyst Eric Balchunas noted, exposure is partly mediated via subsidiaries or through existing ETPs rather than direct DOGE holdings. That complexity can deter investors looking for a pure, transparent vehicle.
The second reason is the fees. DOJE’s 0.75% annual expense ratio is relatively steep for an ETF that tracks a volatile meme asset. For cost‑sensitive investors, that drag erodes returns and makes the product less attractive than simply buying DOGE outright on an exchange.
The third is sentiment. Dogecoin’s identity remains deeply tied to meme culture and social media rather than fundamental use cases. Retail traders may rush in at launch, but institutions and smart money look for stability, liquidity and narrative integrity. So far, DOGE has not proved itself to be an asset that institutions are particularly interested in.
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Finally, there is the competition. DOJE’s “first‑mover” advantage could evaporate quickly. New Dogecoin ETF proposals are already in the pipeline from Grayscale, Bitwise and 21Shares. Those future products may offer simpler structures, lower fees or clearer exposure, and could easily siphon capital away from DOJE.
What The DOJE Launch Means for Meme Coins and Crypto ETFs
The DOJE debut is more symbolic than definitive. It proves that meme coins can break into regulated structures but also sends a warning: An ETF shell alone does not guarantee scale, flows or legitimacy. Regulation wins access, not demand. An ETF wrapper makes buying easier, but without conviction or narrative, adoption is shallow.
Meme coins now face higher performance bars. If Dogecoin wants to shed the just‑a‑meme status, future growth must show consistency, liquidity and structural resilience. And with new ETFs likely soon to compete on cost, clarity and simplicity, DOJE’s complexities could become a disadvantage.
Still, narrative is king. Even institutional money follows compelling stories, and meme magic can be powerful if it evolves to fit more rigorous environments.
What’s Next for Dogecoin ETFs
There are several catalysts to watch for Dogecoin and the DOJE ETF. New ETF approvals could broaden competition and lower fees, while sustained inflows into DOJE would validate the fund’s long‑term viability.
Now over a week in, the Dogecoin ETF debut reads more like a preview than the full act. A standout first day of volume showed latent interest, but the first week of trading saw only $9.9 million in inflows and an 11% Dogecoin price decline. The narrative has cooled, and regulatory structure, fees and a looming competitive pipeline have muted momentum.
Notably, on Sept. 25, the fund pulled in about $12 million in net inflows, more than the entire first week combined, accompanied by a modest price rebound. This sudden jump may suggest investor interest is still building despite the muted debut, but the lack of subsequent net inflows seems to tell a different story — as does Dogecoin’s once again declining price.
If DOJE’s inflow rate accelerates or new entrants simplify the path, the meme coin might once again ride a wave of renewed optimism.
For now, DOJE is a milestone, but not a turning point. Whether meme magic can evolve into sustainable credibility remains to be seen.