The US crypto market has welcomed a new entrant as 21Shares rolls out its Spot Dogecoin ETF, giving investors another avenue to engage with the infamous dog-themed meme coin. Trading kicked off amid a mix of curiosity and caution, with on-chain data already showing how much the DOGE ETF has performed so far. 

21Shares Launches Dogecoin ETF

In a press release on Thursday, January 22, 21Shares announced the official launch of its Spot Dogecoin ETF, TDOG, which began trading on NASDAQ the same day. The new ETF provides investors with direct exposure to Dogecoin through a fully backed, regulated, and transparent vehicle. Each ETF share is also backed 1:1 by DOGE held in institutional-grade custody. 

Notably, the launch of the new TDOG ETF brings the total number of US Dogecoin ETFs to three, joining Grayscale’s GDOG and Bitwise’s BWOW. 21Shares is also the only ETF provider endorsed by House of Doge, the official corporate arm of the Dogecoin foundation, highlighting the global asset manager’s close ties to the meme coin. 

As one of the largest crypto ETF issuers, 21Shares continues to expand its crypto product lineup with the introduction of TDOG. This follows the investment company’s previous ETF offerings, including TSOL, a Solana ETF released in November 2025; ARKB, a Spot Bitcoin ETF launched in January 2024; and TETH, an Ethereum ETF introduced in July of the same year. Together, these products demonstrate 21Shares’ commitment to providing institutional-grade access to high-demand digital assets. 

Federick Brokate, Global Head of Business Development at 21Shares, highlighted DOGE’s large and active global community, calling it a unique digital asset with constantly growing use cases. He added that the new TDOG ETF will give investors regulated, physically backed exposure through a familiar ETF structure they know and trust. 

Marco Margiotta, the CEO of House of Doge, also shared comments on the recently launched 21Shares ETF. He said that TDOG is a step toward making Dogecoin easier to access through traditional financial systems. He also disclosed that House of Doge’s partnership with 21Shares will help more people get involved as the Dogecoin ecosystem grows. 

How 21Shares Dogecoin ETF Has Performed So Far

Contrary to expectations, 21Shares’ recently launched Dogecoin ETF saw weak performance on the first day of trading, signaling investors’ lack of interest in the investment product. Data from SoSoValue shows that TDOG experienced no inflows on January 22 and instead declined by about 0.07%. Despite it being the second day of trading, the DOGE ETF has still not registered any flows. 

This lackluster performance has been observed across all Dogecoin ETFs this week. Grayscales’ GDOG and Bitwise BWOW have reported zero inflows over the last week. The last time GDOG saw positive activity was on January 8, when it received around $333,083 in investments. Before that, the ETF recorded its highest inflows on January 2, totaling roughly $2.3 million. Since its launch in November 2025, GDOG ETF inflows have been unstable, with more days of inactivity than significant investment. 

Dogecoin’s attempt to join the institutional ETF lineup is running into a basic problem: institutions may not want it. In a Jan. 22 conversation on the Crypto Prime podcast, Bloomberg Intelligence ETF analyst James Seyffart and host Nate Geraci who is also the President of NovaDius Wealth Management said spot Dogecoin ETFs have attracted “near zero” demand so far, an outcome they tied to who typically buys DOGE, and how financial advisers think about reputational risk inside client portfolios.

The Dogecoin datapoint landed inside a broader discussion about a crowded crypto ETF pipeline. Seyffart said his running tally of crypto ETF filings has climbed “over 150 unquestionably,” with many products spanning spot and derivatives, income overlays, buffers, and multi-asset structures. The surge, he argued, looks like issuers “throw[ing] the spaghetti at the wall” in 2026.

Dogecoin ETF Reality Check

But volume of filings doesn’t guarantee demand, and Dogecoin is the clearest example offered of that gap thus far. Pressed on which existing products stood out, Seyffart said “nothing really stands out,” before singling out Dogecoin as the exception, precisely because it has not resonated.

“The real honest answer is like nothing really stands out to me […] honestly if I have to pick one thing that kind of stands out, it’s probably that the Doge ETFs have gotten almost no interest whatsoever,” he said. He added that while some newer altcoin products have done “decently well,” Dogecoin has not.

My conversation w/ @JSeyff on current state of crypto ETFs…

We discuss: -Crypto ETF sentiment -150+ crypto-related ETF filings -Morgan Stanley crypto ETFs -BlackRock’s next move -Index & active crypto ETFs -Recent flows -What’s nexthttps://t.co/2TzJAnKXuK

via @CryptoPrimePod pic.twitter.com/mtDuuDirB7

— Nate Geraci (@NateGeraci) January 22, 2026

Seyffart and Geraci converged on a demand thesis: the marginal buyer of DOGE likely already has the tooling and habit set to buy it directly, rather than through an ETF wrapper.

“I remember talking to the guys at Bitwise. I was like, I don’t think anyone’s going to buy this,” Seyffart said. “But maybe I’m wrong. I’ve been wrong plenty of times before. But I mean, literally no one has bought like the Doge ETFs […] I had pretty low expectations, but I thought maybe they could get to a point where they’re slightly profitable.”

Seyffart pointed to Bitwise’s product—ticker BWOW—as an early scoreboard: “it’s under a million in assets right now,” he said, calling that “near zero demand.” He cautioned the funds are still new, noting the Bitwise product launched at the end of November, but framed the initial traction as “very minuscule.”

Geraci’s explanation was blunter: ”The people who buy that, in general, these are degens and they already know how to access this. They already have digital wallets. They don’t need an ETF to access this […]. And I think that’s going to be a lot of these other coins that are much further down the market cap spectrum.”

Geraci argued Dogecoin faces an additional headwind that doesn’t show up in crypto-native narratives but matters in the ETF market: advisers.

“The other aspect here […] is what I call client statement risk,” Geraci said. “So financial advisors, they’re the biggest driver of ETF flows. And so let’s take Dogecoin as an example […] If you’re a financial adviser and you have a Dogecoin ETF show up on a client statement […] it’s like a flashing red light saying, ‘Please fire me and go find another adviser.’”

That framing matters because the episode repeatedly returned to distribution realities. Seyffart said he’s most excited about basket and index-style crypto ETFs, in part because advisers don’t want to “pick those winners and losers” across a growing long tail of assets. In Geraci’s view, a basket is the “easy button” for professional allocators who want crypto exposure without underwriting each token’s story or defending it to clients.

Seyffart also suggested “what the actual chain is doing” can shape adviser appetite, contrasting niche infrastructure plays such as Chainlink, which he described as connecting DeFi and TradFi, against meme assets like DOGE, which he implied may be less “appetizing” for ETF buyers.

At press time, DOGE traded at $0.12479.

21Shares has announced the launch of the first spot DOGE Exchange-Traded Fund (ETF) backed by the Dogecoin Foundation, aiming to offer investors regulated, physically backed access to the largest memecoin by market capitalization.

Dogecoin Goes From Memecoin To Wall Street

On Wednesday, financial services company 21Shares announced the launch of its 21Shares Dogecoin ETF (TDOG) on Nasdaq to provide “a new way to gain physically-backed DOGE exposure in traditional portfolios.”

According to the announcement, the firm’s DOGE ETF is the only investment product of its category to be officially endorsed by the Dogecoin Foundation, the nonprofit organization dedicated to supporting the ecosystem’s development.

Notably, two other spot DOGE ETFs are live: Grayscale’s GDOG and Bitwise’s BWOW. As reported by NewsBTC, the funds debuted in late November, becoming the first DOGE ETFs in the US market.

TDOG’s launch builds on 21Shares’ collaboration with the House of Doge, the corporate arm of the foundation supporting the ecosystem, to create new opportunities across the Dogecoin ecosystem.

The newly launched product will offer investors direct exposure to DOGE through a fully backed, transparent, and exchange-traded vehicle, holding the asset on a 1:1 basis in institutional-grade custody.

Regarding its decision to launch a DOGE ETF, 21Shares affirmed that the memecoin “captures the spirit of internet culture and continues to evolve in our digital economy.” Moreover, the firm argued that it has “helped onboard many new users to crypto, and for many people, this may serve as their first step into crypto.”

Federico Brokate, 21Shares’s Global Head of Business Development, stated that “Dogecoin is a unique asset with a global community and expanding real-world use cases,” adding that “TDOG offers investors regulated, physically backed exposure to DOGE through an ETF structure they already understand and trust.”

DOGE Prepares For New Rally

Analyst Bitcoinsensus suggested that the leading memecoin “could be on for a massive rally to the upside” based on its performance throughout this cycle. The market watcher explained that the cryptocurrency has been experiencing “mini cycles” since 2023, which have led to “bigger and bigger rallies.”

According to the chart, after its late 2022 pump, Dogecoin consolidated within a tight range before a 190% breakout in early 2024. Similarly, the memecoin repeated the same pattern throughout 2024, accumulating for months before a 480% breakout at the end of that year.

Now, DOGE has been consolidating within the $0.125-$0.280 price range for nearly a year, leading the analyst to believe that a breakout towards a higher target near the $0.750 level is possible.

Meanwhile, Trader Tardigrade also suggested that Dogecoin may be preparing for a massive breakout as it appears to be following its performance between late 2022 and 2024.

At the time, the cryptocurrency had apparently bottomed out but ultimately recorded another local low before reversing. Based on this, the analyst affirmed that the memecoin “might see a slightly lower low” in the coming weeks, before the next massive surge occurs.

As of this writing, Dogecoin is trading at $0.1249, a 1.75% decline in the daily timeframe.

21Shares is set to launch its Dogecoin ETF after gaining approval from the U.S. Securities and Exchange Commission (SEC) and Nasdaq. This is expected to provide some bullish momentum for the meme coin even as DOGE funds see muted interest from institutional investors. 

21Shares To Launch Dogecoin ETF After Filing Final Prospectus

Crypto ETF issuer 21Shares has filed the prospectus for its Dogecoin ETF, signaling plans to launch this fund this week. However, the asset manager has yet to announce a specific launch date. This will be the third spot DOGE fund to launch after Grayscale and Bitwise’s DOGE ETF, which launched last year. 

21Shares Dogecoin ETF will launch on the Nasdaq under the ticker ‘TDOG.’ Crypto exchange Coinbase is listed among the Trust’s custodians alongside BitGo and Anchorage. Meanwhile, the fund will offer in-kind creations and redemptions, similar to other existing spot crypto ETFs. 21shares will charge a 0.50% management fee for the fund. 

The Dogecoin ETF will be 21Shares’ fifth spot U.S. crypto ETF, as the asset manager already offers Bitcoin, Ethereum, Solana, and XRP ETFs. The DOGE fund’s launch is bullish for the foremost meme coin as it could attract more institutional flows into its ecosystem. However, it is worth noting that the other existing spot U.S. DOGE funds have only seen moderate demand so far. 

SoSoValue data shows that the inflows into these Dogecoin ETFs have been minimal, with these funds currently boasting net assets of just under $10 million, which is less than 1% of the meme coin’s market cap. They have also mostly recorded zero-flow days since launching, with most inflow days below $1 million. However, it is worth noting that these funds saw greater demand at the start of the year, when DOGE rose to around $0.15. As such, they could attract more inflows as the market recovers. 

A Generational Buying Opportunity

Crypto analyst Hokage described the current DOGE price level as a generational buying opportunity amid the imminent launch of the Dogecoin ETF. This came as the analyst remarked that while the short-term is extremely hard to figure out, the long-term support will eventually get hit. His accompanying chart showed that the leading meme coin could rally to as high as $1.6 in the long term. 

The crypto analyst highlighted the potential integration of Dogecoin into Elon Musk’s X as one catalyst that could spark this run. He opined that the meme coin will eventually get integrated into X as a payment and tips feature. Hokage added that it is just a matter of time and not if. 

Related Reading: Dogecoin Is Breakout Ready: Analyst Shows Major Target For The Meme Coin King

At the time of writing, the Dogecoin price is trading at around $0.137, down over 2% in the last 24 hours, according to data from CoinMarketCap.