CoinDesk
Three US-listed Dogecoin ETFs drew just over $12 million in nearly 10 months on the market, less than the $12.29 million XRP funds pulled in on a single day this week. The tracked XRP products have now accumulated $1.7 billion in net inflows since launching in November 2025, while Solana-tracking ETFs have collected $1.36 billion since their October 2025 debut. DOGE, XRP and SOL each launched their first US spot ETFs within weeks of each other, but the demand curves could not be more different.
Why it matters
The divergence is the cleanest verdict yet on what an altcoin ETF actually has to sell. XRP's spot funds have a payments-and-rails thesis regulators can underwrite; Solana's products sit on top of an active L1 with institutional DeFi exposure. Dogecoin offers price exposure to a meme token whose largest holders are already on centralized exchanges and brokerages, which is the argument MyDoge founder Jordan Jefferson made to CoinDesk.
Bitwise is voting with its product line. The firm confirmed Thursday it will shut its BWOW Dogecoin ETF less than a year after launch. The fund held just $687,713 in assets as of Sept. 9, with trading set to end Oct. 14 and remaining shareholders receiving cash on Oct. 22. Across the three tracked DOGE funds, net flows were zero on 166 of 199 trading days, with a net withdrawal of roughly $108,000 over the 20 sessions from Aug. 13 through Sept. 10 even as DOGE rallied more than 30% in the back half of August.
Market impact
The bullish read for the broader sector is that altcoin ETFs have institutional legs when there is a real thesis to underwrite. XRP and SOL are pulling roughly $200 million a month between them while DOGE funds cannot clear a single $1 million session. Approval pipelines for future altcoin ETFs now have a working comparator, and issuers pitching memecoin wrappers will face a harder sell to sponsors. Watch the next batch of altcoin ETF launches: the size of the seed allocation and AUM at day 30 will be the new bar.
Frequently asked questions
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Why are Dogecoin ETFs failing to attract investors?
The three tracked US DOGE ETFs drew just over $12 million in nearly 10 months and recorded zero net flows on 166 of 199 trading days. Industry voices told CoinDesk that DOGE already has deep liquidity and broad distribution, so an ETF wrapper solves a problem most retail investors did not have.
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How much have XRP and Solana ETFs pulled in?
XRP-tracking funds have accumulated $1.7 billion in net inflows since launching in November 2025. Solana-tracking funds have collected $1.36 billion since their October 2025 debut. Over the 20 sessions from Aug. 13 through Sept. 10, XRP funds added $190.5 million and SOL funds brought in $199 million.
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Why is Bitwise shutting its BWOW Dogecoin ETF?
Bitwise confirmed the BWOW fund held just $687,713 in assets as of Sept. 9, less than a year after its November 2025 launch. Trading is set to end Oct. 14 and remaining shareholders will receive cash on Oct. 22. A spokesperson said the firm is optimizing its product range.
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What does this divergence mean for future altcoin ETFs?
Approval pipelines now have a working comparator. Altcoins with institutional theses to underwrite, like XRP and SOL, are pulling real flows, while memecoin wrappers are struggling to find a market. Issuers pitching new altcoin funds will face harder questions about what problem the ETF actually solves.
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Did Dogecoin's price rally translate into ETF inflows?
No. DOGE rose more than 30% over the back half of August 2025, but the three tracked funds took in only about $800,000 across two sessions and nothing on the other nine. A fund's holdings can rise with token price without attracting new investor money.
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