Crypto ETF specialist 21Shares has listed a physically backed ETF, TDOG, that tracks Dogecoin on Nasdaq, The Block reported on Thursday.
21Shares said TDOG provides a way to access Dogecoin through a regulated ETF structure and reflects Dogecoin’s expanding global community and growing real-world use cases. The Block said the product is the only ETF with official backing from the Dogecoin Foundation. It is 21Shares' fifth major cryptocurrency product, after Bitcoin, Ether, Solana and XRP, The Block reported.
But the Dogecoin ETF market trend is muted. So far, Dogecoin ETFs have recorded about $200 million in cumulative trading volume, and assets under management are less than $40 million. That contrasts with XRP ETFs launched in the same period, which have recorded more than $2 billion in trading volume.
Market experts see this as reflecting memecoin characteristics. Alan Orik of Dominant Strategies said, "Dogecoin shows an independent, community-driven move, with its price rising 21 percent on a weekly basis even without ETF inflows."
Chi-gyu Hwang
delight@d-today.co.kr