On February 17, 2026, cryptocurrency ETP issuer 21Shares celebrated the launch of its physically backed Dogecoin ETF (ticker: TDOG) by ringing the opening bell at the Nasdaq MarketSite in New York's Times Square. The event, attended by 21Shares President Duncan Moir, marked the only Dogecoin ETF officially endorsed by the Dogecoin Foundation. The product debuted on Nasdaq on January 22, 2026, offering investors regulated, custodial exposure to DOGE's price.
Despite the fanfare, the ETF's early performance has been modest, with assets under management reported at roughly $1.8–2 million by mid-February. Analysts point to broader challenges for Dogecoin, including its primarily speculative and retail-driven appeal, lack of deep institutional traction, and inflationary supply model, which may limit the product's ability to scale compared to ETFs for assets like Bitcoin or Ethereum.
Concurrently, Dogecoin's price action has turned negative. After reaching a high of $0.1175 on February 15, DOGE has extended its drop for five consecutive days, falling 2.90% in 24 hours to $0.0969 at the time of reporting. The decline is part of a broader market sell-off, with $214 million in crypto positions liquidated in 24 hours, according to CoinGlass data.
The sell-off tracked a firmer U.S. dollar after Federal Reserve meeting minutes signaled no urgency to cut interest rates and left the door open to further hikes. Dogecoin's market metrics have turned red, with trading volume down 2.19% to $860 million and derivatives volume down 2.08% to $1.81 billion. Open interest has also declined by 5% to $1.8 billion.
