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Following
DOGE 
SOL 
XRP 狗狗币ETF遭遇商业滑铁卢，XRP与Solana ETF瓜分超30亿美元
狗狗币（Dogecoin）交易所交易基金（ETF）在商业上遭遇了惨败。追踪该模因币的三只美国基金在约10个月的时间里，仅吸金略高于1200万美元；而竞争对手XRP和Solana ETF在同一时期则吸纳了超过30亿美元的资金。这一差距并非细微，而是鸿沟般的存在，迫使发行商不得不放弃那些尚未起步的产品。
狗狗币ETF推出后无人问津
数据残酷且直观。截至2026年9月10日，这三只追踪狗狗币的ETF在约10个月的交易期内，累计净流入额仅为略高于1200万美元。需求不仅没有回暖，而是彻底消失。在199个交易日中，有166个交易日记录显示净流量为零，占比约为83%，仅有28个交易日出现正向流入。
最具有说服力的数据出现在窗口期的尾声。从8月13日到9月10日，尽管DOGE现货价格飙升超过30%，但DOGE ETF却出现了约10.8万美元的净流出。这种脱节正是整个故事的核心：价格大幅上涨，但ETF包装依然无法吸引哪怕一美元的资金。
目前已有明确受害者。Bitwise宣布将关闭其BWOW狗狗币ETF，该基金截至9月9日的资产规模仅为687,713美元。交易将于10月14日结束，股东将于10月22日以现金形式获得退款。这是Bitwise在推出该产品不到一年内执行的关闭操作。
XRP and Solana ETF shared a total of US$3 billion
Look at the other side of the accounts. According to CoinDesk statistics, since its launch in November 2025, XRP ETF has received cumulative net inflows of US$1.7 billion. The Solana ETF followed closely, attracting $1.36 billion since its debut in October 2025. These two types of funds combined exceeded the US$3 billion mark, a figure that DOGE can only look up to.
Look at the growth rate. On September 9 alone, the XRP Fund attracted US$12.29 million, which is equivalent to the total absorbed by all Dogecoin ETFs in a 10-month period. Focusing on the same late summer window (August 13 to September 10) that led to the loss of DOGE funds, the XRP ETF sucked in $190.5 million and the Solana ETF increased $199 million. Each of these two categories absorbs more than 100 times the total amount of the DOGE ETF group. This is not a weak lead, but absolute dominance.
Why dogcoin lost in the altcoin ETF competition
The simple explanation is "access", but this is not correct. Dogecoin already exists in the wallets of millions of retail investors through platforms such as exchanges, PayPal and Robinhood, so ETFs have not brought new distribution channels. Jordan Jefferson, founder of MyDoge and DogeOS, bluntly stated: "Access has never been the biggest limiting factor for Dogecoin. DOGE already has deep liquidity and widespread distribution."
This is the paradox: XRP and Solana ETF have opened up entirely new channels of institutional access, while DOGE ETF has simply repackaged assets that buyers can obtain anywhere. Anonymous celebrity Own The Doge (code-named Smoke) gave a more pointed view, saying weak demand was a verdict on "trading $DOGE as another code."
Fundamentals exacerbate this differentiation. DOGE is trading at $0.0833 and has a market value of $12.99 billion, well below XRP's $1.41 (market value of $88.92 billion) and Solana's $101.48 (market value of $59.57 billion). Institutional narratives are crucial here: XRP carries the narrative of cross-border payments, Solana has a thriving developer and DeFi ecosystem, and Dogecoin's selling point is still just a meme that lacks the practicality needed by allocators.
Emotions are not the problem. The Cryptocurrency Fear and Greed Index is at 69, which is in the clear "greedy" area, but this risk appetite flows to XRP, which rose 3.07% on the day, rather than DOGE, which fell 0.76%. Regulators are not an obstacle. BWOW is a product approved by the SEC that just failed to find a buyer, and a potential Senate vote on the Clarity Act could push XRP ETF inflows to more than $2 billion.
The memein ETF experiment ushered in its first real liquidation. If DOGE can rebound by 30% but still see the door to capital outflows, which Memin ETF can justify itself?
