Grayscale’s newly launched spot Dogecoin exchange-traded fund (GDOG) experienced a disappointing debut, generating just $1.4 million in trading volume on Monday. This underperformance compared to analyst expectations of $12 million and raises questions about the market appetite for meme coin investments. Despite this setback, other ETFs focused on cryptocurrency have seen strong responses. Bitwise is set to launch its own Dogecoin fund, while NYSE Arca has approved the filing for a similar product from Bitwise. 240-day approvals are required for both products. This contrasts with the REX Osprey DOGE ETF (DOJE) which launched in September and lacks direct cryptocurrency ownership due to regulatory restrictions, leading to greater volatility compared to GDOG’s launch.