As Dogecoin continues to struggle amid prolonged crypto market volatility, its ETF performance has remained muted for the past week, drawing attention from market participants.
Although Dogecoin has retained its position as the king of all meme tokens, institutional demand for the leading meme token has remained on hold as it continues to post deeper price corrections.
Dogecoin ETFs post longest streak of dormancy
Latest data from SosoValue shows that the U.S. Dogecoin spot ETFs have gone an entire month without recording any new inflows or outflows.
More specifically, the two existing spot DOGE ETFs last recorded activity on October 13, when they experienced a combined net outflow of $138,570.
The ETFs became muted the following day, October 14, and neither of the funds has registered a single day of positive or negative flows since then, leaving daily net inflows at zero until November 13.
As such, the Dogecoin ETFs have posted zero flows all month, signaling fading institutional interest in the world’s largest meme token by market capitalization despite its leading position in the memecoin market.
Grayscale maintains lead amid muted performance
While institutional interest in Dogecoin appears to have declined significantly, both Dogecoin ETF issuers, Grayscale and 21Shares, recorded zero daily net inflows on November 13, confirming that the prolonged period of inactivity remains unchanged.
However, Grayscale's Dogecoin ETF has retained its dominance in the U.S. spot Dogecoin ETF market, holding a total of $9.15 million in net assets, while 21Shares' Dogecoin ETF has held only $1.58 million since its launch.
As such, Grayscale accounts for about 85.3% of the combined $10.73 million in assets held across the Dogecoin ETF market.