Grayscale’s GDOG spot Dogecoin ETF, launched on NYSE Arca on November 24, 2025, initially recorded about $1.8 million in inflows and $1.41 million in trading volume on its first day. However, inflows fell by roughly 80% to $365,420 and volume dropped 78% to $397,620 on the second day, bringing cumulative net inflows to around $2.16 million—well below levels seen in recent altcoin ETF debuts for Solana and XRP. This subdued start raises doubts about meme coins' ability to attract sustained institutional interest, though multiple Dogecoin ETFs, including Bitwise’s BWOW, have now entered the market.