Grayscale’s new spot Dogecoin ETF has officially started trading on NYSE Arca, but its first day was quieter than many people expected. The fund brought in around $1.4 million in trading volume on day one, according to market data, which is much lower than earlier analyst predictions.
The ETF launched with about 94,700 shares and holds actual Dogecoin. Grayscale set a 0.35% management fee, but they’ve decided to temporarily waive the fee, bringing the cost down to zero for now. The free-fee period will last until the fund hits a certain asset level or until three months have passed.
Even with the fee cut, the ETF didn’t attract the same excitement as other recent crypto launches. Funds tied to XRP and Solana saw much stronger activity on their first trading days.
Market watchers say the next few weeks will be important. Things like Dogecoin’s price movement, the impact of the fee waiver, and competition from upcoming Dogecoin ETFs — including one expected from Bitwise — could shape how much money eventually flows into the fund.
Analysts are also keeping an eye on creation and redemption activity to get a clearer picture of real demand.
For now, Dogecoin’s price hasn’t reacted much to the ETF listing. And with several new crypto ETFs launching around the same time, this quieter start may simply reflect a crowded market.
