The trio of spot Dogecoin exchange-traded funds, Grayscale's GDOG, 21Shares, and Bitwise recorded $0 in daily net inflows on Monday, according to Sosovalue data . The figure reflects a pattern that has dominated trading since early February and echoes similar stretches seen throughout December and January. Since Feb. 3, the Dogecoin ETFs have posted zero daily net inflows on most trading days. Minor activity has occurred, with total value traded ranging between $150,000 and $1.37 million during this period. A handful of days registered net inflows, but those were offset by outflows that returned the trend to flat. Weak Demand Has Persisted Since Launch The muted performance dates back to the products' debut. Grayscale's GDOG launched with approximately $1.4 million in trading volume, a figure well below analyst expectations and far beneath the demand levels seen for Bitcoin and Ethereum ETFs at launch. A brief reprieve emerged at the start of 2026. Dogecoin and other meme coins led a sharp crypto bounce in early January, and the 2x Dogecoin ETF outperformed its peers during that stretch. The rally, however, was short-lived. Prices reversed quickly, and Dogecoin entered the new year on a deteriorating trend that carried into February. The ETFs have simply tracked the underlying asset's weakness. When a token declines consistently, fund flows tend to dry up in parallel. There is little institutional incentive to allocate capital to a declining asset with no fundamental catalyst for recovery. Five Months of Losses Weigh on Sentiment Dogecoin has fallen for five consecutive months since September 2025. The losses extended into January and February 2026, making the first two months of the year among the weakest for the token in recent memory. The broader crypto environment has compounded the pressure. When Bitcoin trades within a tight range, speculative capital often rotates into meme coins, which do not require macro drivers to attract volume. However, when sentiment turns negative across the market, meme coins typically absorb the steepest losses. Dogecoin has followed this pattern closely. At the time of writing, Dogecoin was trading at $0.09542, up 2.81% over the prior 24 hours.
