Dogecoin continues to struggle amid prolonged volatility in the crypto market. Its ETF performance has also been subdued over the past week, drawing attention from market participants.
Although Dogecoin remains the leading meme token, institutional demand for it has been on hold as the token continues to post deeper price corrections.
Dogecoin ETFs post their longest period of inactivity
The latest data from SosoValue shows that U.S. spot Dogecoin ETFs have gone an entire month without recording any new inflows or outflows.
More specifically, the two existing spot DOGE ETFs last recorded activity on October 13, when they saw a combined net outflow of $138,570.
Activity stopped the following day, October 14. Neither fund has recorded a day of positive or negative flows since, leaving daily net inflows at zero through November 13.
As a result, the Dogecoin ETFs have recorded zero flows all month, signaling fading institutional interest in the world’s largest meme token by market capitalization, despite its leading position in the memecoin market.
Grayscale leads amid muted performance
While institutional interest in Dogecoin appears to have declined significantly, both ETF issuers, Grayscale and 21Shares, recorded zero daily net inflows on November 13, confirming that the prolonged inactivity continues.
However, Grayscale’s Dogecoin ETF remains dominant in the U.S. spot Dogecoin ETF market, with total net assets of $9.15 million. 21Shares’ Dogecoin ETF has held only $1.58 million since its launch.
As a result, Grayscale accounts for about 85.3% of the combined $10.73 million in assets held across the Dogecoin ETF market.
