Скромный старт DOGE-ETF вызывает вопросы о его будущем на рынке Translation: Modest Launch of DOGE-ETF Raises Questions About Its Future in the Market

On November 25, the Dogecoin Trust (GDOG) exchange-traded fund, created by Grayscale, was launched on NYSE Arca. In its first trading day, this meme-token-based product garnered $1.8 million.

At the time of writing, the company manages coins worth a total of $3.5 million, which constitutes approximately 0.02% of DOGE’s market capitalization.

Grayscale has set the fee for this instrument to zero for the first three months of trading.

However, GDOG is not registered under the U.S. Investment Company Act of 1940, meaning it does not fall under the regulations and protective measures typically applied to traditional ETFs and mutual funds.

«Dogecoin is a viral social and financial phenomenon whose value has risen alongside the cryptocurrency class. Historically, the coin has exhibited lower correlation with shares of major American companies compared to other digital assets,» states Grayscale’s release.

Bloomberg’s exchange analyst Eric Balchunas pointed out that GDOG’s first-day trading performance is decent for a typical ETF launch but relatively small for «the world’s first meme-token-based fund.»

«DOGE belongs to a category of highly volatile cryptocurrencies, with risk levels significantly exceeding the average of altcoins and, especially, Bitcoin. When pessimistic sentiments dominate the market and fear overshadows risk appetite, investors tend to reduce their positions in meme-coins,» added Lee.

The overall interest in meme cryptocurrencies has waned, and the adverse macroeconomic environment further exacerbates their market challenges, explained Technobit CEO Alexander Peresichan.

According to him, the concept of a DOGE-based exchange-traded fund raises doubts about its future, as meme-coins mainly attract retail investors.

«If someone wants to buy a meme-token, they will do so on a cryptocurrency exchange. A crypto-ETF investor is someone seeking exposure to the crypto market but is not willing to deal with keys and storage. This does not represent the target audience for meme-coins. These are simply different investors who are more interested in Bitcoin and cryptocurrencies with clearer utility,” emphasized Peresichan.

The launch of the exchange-traded fund did not significantly impact the price of the underlying asset. Over the past day, DOGE has increased by 1.5% and is now trading around $0.15.

Recall that on November 24, American spot Solana ETFs recorded a net capital inflow for the 20th consecutive day.