Dogecoin ETFs struggled for buyers while rival XRP and Solana funds pulled in $3 billion
Data shows that Dogecoin ETFs have significantly underperformed compared to XRP and Solana funds, leading to the liquidation of Bitwise's Dogecoin product. While XRP and Solana funds have attracted billions, Dogecoin funds have struggled to maintain investor interest.
Why it matters
This trend reflects shifting investor sentiment within the cryptocurrency market, favoring utility-focused tokens over meme-based assets.
Data analyzed by CoinDesk shows that ETFs for another popular token, XRP, took in more money on Wednesday than three U.S. dogecoin funds have collected in nearly 10 months.
The XRP products added $12.29 million on Sept. 9, while cumulative net inflows into the tracked DOGE funds stood at just over $12 million through Sept. 10.
These funds let investors follow a cryptocurrency’s price through an ordinary brokerage account, without buying and storing the tokens themselves. Net inflows measure money entering the funds after withdrawals, offering a read on fresh demand.
The tracked XRP and DOGE funds began rolling out within weeks of each other last November. Both tokens have large retail followings among investors looking for crypto bets beyond bitcoin and ether.
Dogecoin’s results sit far behind those of other major tokens that have made the trip to Wall Street.
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