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DOGE 
SOL 
XRP meme coin ETF is cold: Institutional funds prefer practical altcoins
For Southeast Asian traders who have traveled from Jakarta to Manila with high expectations to witness the wave of altcoin ETFs, memecoin's final verdict is clear: the three Dogecoin ETFs listed in the United States have attracted only slightly more than US$12 million in funds in the past 10 months, while competitors XRP and Solana Funds have collectively attracted about US$3 billion. This sharp contrast reveals the real demand of institutional investors for spot altcoin packaging products.
The three U.S. ETFs that track Dogecoin have a cumulative net inflow of only more than US$12 million over 199 trading days, a figure that is hardly noticeable even on medium-sized regional exchanges. All three funds will be launched in November 2025 at the same time as a broader wave of spot altcoin ETF approvals.
Demand is not only weak, it is often absent. Data shows that among the 199 trading days, 166 trading days (more than 83% of the trading hours) Dogecoin ETF recorded zero net traffic, of which the longest consecutive zero traffic streak lasted for 18 trading days and occurred twice.
最明显的受害者是Bitwise旗下的BWOW基金，该基金即将完全清盘。其最后一个交易日定于2026年10月14日，现金分配将于10月22日向持有人发放。截至9月9日，该基金持有的资产仅为687,713美元。Bitwise发言人表示，该公司“决定清算该基金，以便继续优化其产品组合，以满足不断变化的投资者需求”。Bitwise管理着70多种产品，总规模达90亿美元，服务于超过5,500名财富管理经理、注册投资顾问（RIA）和机构客户，这使得这只微小的狗狗币基金在其产品线中显得格格不入。
XRP与Solana基金吸金30亿，将DOGE远远甩在身后
与实用型山寨币形成的对比 stark（鲜明）。自2025年11月推出以来，XRP ETF累计净流入达17亿美元；而自2025年10月以来，Solana ETF筹集了13.6亿美元，合计近30.6亿美元。
- 狗狗币ETF：约1200万美元（过去10个月，199个交易日）
- XRP ETF：17亿美元（自2025年11月推出以来）
- Solana ETF：13.6亿美元（自2025年10月推出以来）
上述数据展示了各基金家族在美国上市以来的累计净ETF流入量。
This size gap is vividly reflected in one trading day. On September 9, the XRP ETF attracted an inflow of US$12.29 million, roughly equivalent to the cumulative 10-month total of all Dogecoin funds.
The appeal of XRP at the institutional level is not limited to ETF forms. Given its cross-border payment narrative, the token has been a popular regional choice in the ASEAN Corridor and has recently led a broad crypto market rally as traders strategize around U.S. policy events. As reflected in the blockchain ledger tests conducted by SWIFT with Citibank and Mitsubishi UFJ Financial Group, this practical story gives payment-oriented tokens a persuasiveness that meme assets lack.
Why DOGE is losing the altcoin ETF race
The most revealing data point is the disconnect between prices and capital flows. From August 13 to September 10, although DOGE prices rose by about 30% in the last two weeks of late August, the Dogecoin ETF still showed a net outflow of about $108,000. This shows that the rise in spot prices has not translated into ETF demand.
Jordan Jefferson, founder of MyDoge and DogeOS, believes that this form of packaging of ETFs solves a problem that DOGE itself does not exist. He said that access has never been the biggest constraint on Dogecoin, pointing out that DOGE already has deep liquidity and widespread distribution. This is particularly true for retail investors in Southeast Asia: DOGE is already listed on platforms such as Indodax, Tokocrypto and Coins.ph, so U.S. ETFs cannot provide little additional value to local wallets.
监管框架也很重要。Bitwise于9月10日提交了Form 8-K表格（相当于向证券监管机构披露重大事件的美国文件），以确认BWOW基金的清算，而其基金招募说明书已将狗狗币无限量供应列为风险因素，这是有限供应或实用型竞争对手所不具备的。
市场背景进一步凸显了这一分歧。DOGE交易价格接近0.0829美元，当日下跌1.75%，市值为129.3亿美元；而XRP价格为1.40美元，市值为881.6亿美元，SOL价格为101.01美元。整体情绪依然强劲，“恐惧与贪婪指数”处于69的“贪婪”水平，即便meme币ETF实验正在受挫。
对于区域性交易所及其用户来说，得出的结论是：下一波与东盟相关的ETF资金流更可能跟随支付和基础设施代币，而非meme资产。关注9月16日美联储投票的交易员将获得真正的考验，以观察XRP和Solana能否延续其机构优势。
免责声明：本文仅供参考，不构成财务或投资建议。加密货币和数字资产市场存在重大风险。在做出决策前，请务必进行独立研究。
