Dogecoin ETFs Fail to Attract Investors Despite Price Rally

Dogecoin (DOGE) exchange-traded funds (ETFs) have struggled to attract investors, despite being available for nearly a year. According to data analyzed by CoinDesk, these funds have collected just over $12 million in the past 10 months, which is less than what XRP funds attracted on Sept. 9 alone.

The three tracked U.S. dogecoin ETFs recorded no net flows on 166 of 199 trading days and posted a roughly $108,000 net withdrawal from Aug. 13 through Sept. 10, even as dogecoin's price rose sharply. This is in contrast to XRP funds, which added $12.29 million on Sept. 9.

The weak demand has already led to the closure of Bitwise's Dogecoin ETF, BWOW, less than a year after its launch. The fund reported just $687,713 in assets as of Sept. 9.