Dogecoin ETFs Face Weak Demand, While 21Shares Pushes Ahead

21Shares has once again returned to U.S. regulators with an updated filing for its proposed Dogecoin exchange-traded fund, submitting a sixth amended Form S-1 to the Securities and Exchange Commission. The move underscores the firm’s determination to bring a spot DOGE product to market, even as existing Dogecoin ETFs struggle to generate sustained investor interest.

The latest amendment leaves the core structure of the fund unchanged. 21Shares intends to list the ETF on Nasdaq under the ticker “TDOG,” charge a 0.5% management fee, and rely on Coinbase as custodian for the underlying digital assets. The firm has also reiterated plans to seed the fund with approximately $1.5 million worth of Dogecoin once trading begins. As with all ETF launches, the filing notes that the product cannot commence operations until the registration statement is declared effective by the SEC or becomes effective under the provisions of the Securities Act of 1933.

What makes the persistence notable is the broader market context. Since late November, Dogecoin ETFs launched by Grayscale and Bitwise have delivered underwhelming results. According to market data, the products have recorded eight consecutive trading days without any net inflows, beginning on December 11. Out of roughly 20 trading sessions since launch, positive inflows occurred on only five days. Combined, total net inflows across the two funds amount to just $2.05 million.

The split between issuers further illustrates the imbalance. Grayscale’s Dogecoin ETF has attracted about $3.03 million in net inflows, while Bitwise’s competing product has seen nearly $1 million in net outflows. Daily trading volumes for both funds have consistently remained below $1 million, suggesting limited participation from both retail and institutional investors. Against this backdrop, 21Shares has not announced any fee waivers or pricing incentives to challenge incumbents, despite entering an already crowded and sluggish niche.

For 21Shares, however, the filing fits into a broader expansion strategy. The firm has already launched spot ETFs tied to Solana and XRP this year, adding to a growing lineup of crypto investment products. A Dogecoin ETF would represent its fifth offering, extending exposure beyond major assets into a meme-based cryptocurrency whose market narrative has long been driven by social sentiment rather than fundamentals.

The muted ETF response also reflects Dogecoin’s own market performance. Over the past month, DOGE has fallen more than 6%, a period that roughly coincides with the debut of the first Dogecoin ETFs. On a year-to-date basis, losses exceed 58%, highlighting the extent to which enthusiasm has faded since the asset’s previous speculative cycles. At the time of writing, Dogecoin trades near $0.13, down roughly 2.6% over the past 24 hours.

The contrast with earlier crypto ETF launches is stark. Spot Bitcoin and Ethereum ETFs attracted billions of dollars within weeks of approval, validating long-standing institutional demand. Dogecoin ETFs, by comparison, have faced a far cooler reception. As 21Shares presses ahead with yet another amendment, the question is no longer about regulatory readiness, but whether investor appetite for meme-coin exposure through traditional financial vehicles truly exists.