Grayscale’s Spot Dogecoin ETF Misses Analyst Targets on Opening Day

Grayscale's spot Dogecoin ETF (GDOG) began trading on NYSE Arca with a muted opening day volume of $1.4 million, falling far short of Bloomberg analyst Eric Balchunas's $12 million estimate. Balchunas suggested that institutional appetite decreases for ETFs tracking cryptocurrencies lower on the market cap hierarchy compared to Bitcoin. This trend was also seen when comparing GDOG's debut to the much higher opening volumes of recently launched XRP ($59 million) and Solana ($56 million) ETFs, and even the Rex-Osprey Dogecoin ETF ($17 million in September). Despite the weak start, competition is increasing, as Bitwise plans to launch its own spot Dogecoin fund (BWOW) on November 26, citing persistent community demand. The launch occurs amid broader market stress, which has also negatively impacted Dogecoin's price, trading around $0.15 at the time of reporting.

(Source：BeInCrypto)