The first U.S. spot Dogecoin (DOGE) exchange-traded funds (ETFs), which launched on November 24, 2025, have failed to generate significant institutional interest, with cumulative net inflows standing at just $6.67 million as of February 19, 2026. According to data from SoSoValue, the ETFs have seen an 18-day streak of zero net inflows, with total net assets of approximately $8.8 million. This figure represents less than 1% of Dogecoin's overall market capitalization of $16.25 billion.
The leading issuers are Grayscale's GDOG with about $6.38 million in net assets, 21Shares's TDOG with nearly $1.77 million, and Bitwise's BWOW with around $641,000. Trading activity remains minimal, with the most recent session seeing a total value traded of nearly $247,000. This performance starkly contrasts with the billions moved by leading Bitcoin and Ethereum ETFs in their opening weeks, raising questions about overestimated institutional demand for the meme-based asset.
Concurrently, the DOGE price is under pressure, trading around $0.096 and down over 1.5% on the day. The coin is well below the $0.15 resistance level seen earlier in the year and has been in a consistent downward trend since September 2025. Technical analysis indicates the DOGE price is currently near $0.0977, down 2.46% over the past 24 hours, underperforming Bitcoin's 1.35% decline. Key support is seen around $0.090, with a break potentially leading to a test of $0.088.
Market sentiment is described as "risk-off," with the total crypto market cap down 1.48%. Momentum indicators like the RSI in the mid-40s and a soft MACD suggest sellers still have the edge, with net short positions outweighing net longs. Analysts note that without a new wave of memecoin mania or tangible payment adoption, DOGE could remain range-bound or face further downside, with long-term price predictions for 2027 hinging entirely on the return of such catalysts.
