ETF Channel's Influence on Dogecoin Price Found to be Overstated

The largest Dogecoin fund, Grayscale Dogecoin Trust, holds $14.11 million in net assets against $16.34 million in cumulative net inflows.

This represents 0.097 percent of the market capitalization of Dogecoin, which stood at $14.63 billion on Sunday afternoon.

The ETF channel is often cited as a key driver of price movements, but it appears that its influence may be overstated.

A recent analysis found that the weekly inflow of all three coin families came to less than $10 million, while the trading turnover in Dogecoin alone stood at $854 million on October 3 and $381 million on average per day on October 4.

This suggests that the ETF channel's influence is too small to have a meaningful impact on prices.