Dogecoin $DOGE ( ▼ 2.94% ) is on a tear to start the year, climbing about 24% over the past week and easily outpacing larger cryptocurrencies like bitcoin $BTC ( ▼ 0.05% ) and ethereum $ETH ( ▼ 0.98% ) . The move has all the hallmarks of a classic doge rally: fast, meme-fueled, and driven largely by retail traders rather than institutions.
While bitcoin is up roughly 4% and ethereum about 6% over the same stretch, doge has been one of the strongest performers among major tokens, reclaiming attention as markets tilt risk-on.
ETFs are not joining the party
Despite the price surge, spot dogecoin ETFs are seeing almost no traction. Grayscale’s GDOG and Bitwise’s BWOW both recorded zero inflows on Tuesday, according to SoSoValue data. Combined, the two funds have pulled in just $3.9 million so far this month.
Rex-Osprey’s DOJE ETF, which was the first dogecoin ETF to launch and currently holds about $24 million in assets, also saw zero inflows on Tuesday. Even the leveraged 2x Long Dogecoin ETF from 21Shares reported no new money coming in.
There is some trading activity. DOJE changed hands about 250,000 times on Tuesday, well above its average volume. But higher volume has not translated into fresh capital flowing into doge-linked ETFs.
Retail vs institutions, again
The contrast is stark when compared to other altcoin ETFs. XRP $XRP ( ▼ 2.34% ) ETFs have logged nearly $79 million in inflows this month without a single day of outflows. Solana $SOL ( ▲ 0.52% ) ETFs have pulled in about $35 million in January as the token continues to grind higher.
Analysts say the gap comes down to who is driving the trade. ETF flows tend to reflect slower-moving, institutional capital. Dogecoin’s rally looks much more retail-driven.
As one strategist put it, doge was never designed to be a suit-and-tie asset. Its price action still responds more to memes, community energy, and viral moments than to Wall Street products.
Why doge might not need ETFs
That dynamic may actually be the point. Dogecoin’s ability to rally sharply without ETF inflows suggests its community still has independent pricing power. Unlike bitcoin and ethereum, which have become deeply institutionalized, doge remains culturally driven.
For now, the message from the market is clear. Dogecoin can still pump on its own terms, even if ETF investors stay on the sidelines.