#数字货币市场回升 DOGE ETF debut encounters a setback? Grayscale GDOG's trading volume on the first day was zero.

The New York Stock Exchange has just welcomed a historic moment—the DOGE spot ETF (code GDOG) launched by Grayscale has officially been listed, which should have been a milestone for MEME coins entering traditional finance. What was the result? On its first trading day, it recorded an embarrassing figure: net inflow was zero.

There are three layers of signals hidden behind this:

[Demand Mismatch] There is a fundamental gap between the risk control logic of institutional funds and the meme culture of retail investors. Traditional ETF buyers pursue certainty in asset allocation, while the value support of DOGE primarily comes from community consensus and topic popularity—these two investment languages are inherently incompatible.

[Cycle Focus Loss] The current market attention is highly concentrated on infrastructure assets such as $BTC and $ETH, while the MEME sector is experiencing a period of emotional pullback. Launching DOGE financial products during this time window is like issuing new tickets for a ship when liquidity is receding.

[Innovation Fatigue] Since the approval of mainstream cryptocurrency ETFs, the market's novelty towards such products has significantly diminished. Unless new trading mechanisms or revenue models can be introduced, it is difficult to stimulate incremental capital inflow.

This incident exposes a reality: without actual application scenarios as a moat, crypto assets still lack persuasiveness in front of institutional funds. For DOGE to truly complete the transformation from an internet cultural symbol to a financial asset, it may require something more hardcore than memes.

What do you think MEME coin can rely on to attract institutional attention again? $BTC $ETH