Dogecoin's First ETF Launches With 0 Inflows: Is Another Sell-Off Coming?

Author: Parshwa Turakhiya | November 25, 2025 11:33am

Dogecoin's (CRYPTO: DOGE) first ETF launched with zero first-day inflows, raising new questions about whether the market is bracing for a deeper slide toward $0.13.

Grayscale's Dogecoin ETF Logs A ‘Zero Creation' Debut

Grayscale DOGE ETF $0 Inflows (Source: SoSoValue)

Grayscale's Dogecoin ETF (NYSE:GDOG) began trading on Tuesday 24, but the primary market showed no interest from authorized participants, according to data from SoSovalue.

While the ticker traded actively on screens, the fund recorded $0 in net creations, a rare outcome for a debuting single-asset product.

Secondary trading volume reached about $1.41 million, far below Bloomberg Intelligence analyst Eric Balchunas' projected $12 million estimate. 

Against this softer-than-expected debut, Grayscale emphasized the long-term investment case rather than short-term flows. 

"With GDOG's uplisting on NYSE Arca, we're expanding investor exposure to a network that's fast, low-cost, and leveraged by thousands of users every day," said Krista Lynch, senior vice president of ETF capital markets at Grayscale. 

"Dogecoin has evolved from internet culture to real world utility, and that maturation aligns with our objective to make digital assets more accessible to a greater number of investors." she added

A Difficult Moment For Single-Asset Crypto ETFs

The timing of GDOG's launch adds pressure to a segment already facing heavy withdrawals. 

Crypto investment products have posted nearly $2 billion in weekly outflows, and more than 100 single-token ETFs are expected to enter the market in the coming months.

Dogecoin Faces Pressure As Technical Structure Weakens

DOGE Price Action as of November 25th (Source: TradingView)

Dogecoin is down 3.81% on Tuesday, as the broader structure remains locked in a steady downtrend dating back to early October.

Each rebound has stalled at the descending trendline, including today's rejection.

The 20, 50, 100 and 200 day EMAs sit tightly between $0.147 and $0.170, forming a heavy resistance layer that has capped momentum for weeks. 

The Supertrend also remains red, signaling that rallies continue to function as short-term corrective moves rather than meaningful trend shifts.

A wedge pattern is forming between rising intraday support near $0.144 and falling resistance near $0.150. 

Momentum Indicators Still Favor Sellers

DOGE Short-Term Price Dynamics (Source: TradingView)

The Parabolic SAR flipped bearish again on the 30-minute chart, aligning with the broader trend bias. 

The Vortex Indicator shows the red VI– above the blue VI+, confirming that sellers maintain control in the short-term structure.

Support sits between $0.141 and $0.144, an area that has produced several intraday stabilizations. 

A breakdown exposes $0.135 and then $0.128. 

Bulls need a close above $0.150 and a trendline break toward $0.157 to shift momentum.

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Posted In: $DOGE GDOG