DOGE ETF buzz fades as Dogecoin sinks to new lows
Dogecoin slipped to yearly lows of $0.13 this business week after failing to pick up momentum from late November’s exchange-traded products listings by Grayscale and Bitwise.
According to CoinMarketCap’s readings early Friday morning, the popular meme token’s price levels stumbled even after issuer 21Shares updated its DOGE ETF filing, looking for the greenlight to become the fourth spot fund.
Looking at DOGE’s price chart for the week starting Monday, hodlers have suffered a loss of 1.69% even though they had expected a stronger week.
Spot DOGE ETF filings advance in the midst of zero demand
According to an S-1 amendment submitted to the US Securities and Exchange Commission (SEC) on December 2, 21Shares confirmed a 0.50% sponsor fee for its planned spot Dogecoin ETF. The filing stated that the fee would accrue daily and be paid weekly in Dogecoin to cover nearly all operating costs from the trust’s operations.
21Shares mentioned in the submission that the fee level places its proposed product, TDOG, near the midpoint of existing spot crypto ETF costs. However, the amendment clarified that any expenses related to taxes, litigation, or indemnification would require the trust to liquidate portions of its DOGE holdings to meet obligations.
The filing incorporated the earlier 8(a) submission required for its listing effectiveness and acknowledged The Bank of New York Mellon as administrator, cash custodian, and transfer agent, while Anchorage Digital Bank and BitGo were named as joint custodians for the trust’s assets.
The first spot Dogecoin ETF, the Grayscale Dogecoin Trust, began trading on November 24 on the NYSE Arca. Within two days of trading that came just before the Thanksgiving holiday, Dogecoin recorded trading volumes just under 5 billion coins.
That figure averaged slightly below 1.7 billion per day across the three-day period, a modest performance given the excitement leading into the launch.
Earlier this year, another Dogecoin product, the REX-Osprey DOGE ETF (DOJE), briefly climbed into the top five for trading volumes after its debut in September. After a successful first day of trading, the ETF hasn’t quite garnered net inflows that altcoins XRP and Ethereum have.
According to data from SoSoValue, Grayscale’s GDOG and Bitwise’s GWOW now hold roughly $6.92 million in net assets with a combined $2.8 million in inflows. DOGE ETFs recorded $513K inflows on Tuesday, $177K on Wednesday, but zero net flows yesterday. Between November 27 and December 2, there were no incomings or redemptions from the two spot ETFs.
Looking at the broader Dogecoin ETF market, which includes futures products, DOJE has $23.4 million in assets. In contrast, Bitwise’s BWOW, priced at $24.36, slipped 1.62% in the day and held $2.4 million in assets, charging a 0.34% fee.
GDOG traded at $17.44 following a 1.61% decline and reported $1.6 million in assets with a 0.35% fee, and 21Shares’ TXXD futures-based product traded at $22.26 after a 3.1% decline, with $856,900 in assets and a 1.89% fee.
Dogecoin on-chain activity and wallet numbers grow
Dogecoin posted a partial recovery earlier in the week after dropping by more than 22% over the past month. A rebound pushed it nearly 11% higher to cut losses and stabilize the price at $0.1475, placing the price near $0.1493 at Wednesday’s start.
The memecoin’s network registered 71,589 active addresses in November, higher than the year-on-year peak reached in September. According to some analysts, the spike in on-chain activity could mean investors are flocking to buy the dip, owing to how DOGE’s overall price momentum weakened in the past three months.
Institutional orders dominated the sell-side volume and created downward price movement pressures that countered any bullish sentiment derived from the number of active addresses and ETF filing updates.
DOGE slipped from $0.1522 to $0.1477 for a 3% decline within the day during a peak turnover where 830.7 million DOGE changed hands, 174% above the 24-hour average. Over 14.4 million coins were sold to stop any upward movement attempts made by the top-10 ranked coin by market cap.
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