Dogecoin and XRP ETF See Record $54.7M Volume but Prices Hold Flat

Core Insights - The newly launched Ripple (XRP) and Dogecoin (DOGE) ETFs achieved a combined trading volume of $54.7 million on their first day, indicating strong market interest [1][6][8] Performance Summary - The Ripple ETF, XRPR, recorded $37.7 million in its first day of trading, marking the largest day-one volume for ETFs in 2025, with $24 million occurring within the first 90 minutes [2][6] - The Dogecoin ETF, DOJE, achieved $17 million in volume on its first day, significantly surpassing initial expectations of $2.5 million [3][6] Price Action - Despite the strong ETF launch volumes, the underlying tokens XRP and DOGE showed minimal price movement, with XRP down 1.82% at $3.04 and DOGE down 1.97% at $0.27 [4][6] - The lack of price reaction is attributed to the fact that these ETFs are not spot ETFs, which directly hold the underlying digital assets [4][7] ETF Structure - The ETFs utilize the Investment Company Act of 1940, allowing for a faster approval process but limiting the types of assets they can hold [5][7] - XRPR holds 80% of its net assets in instruments providing exposure to XRP, while DOJE follows a similar structure [7] Future Outlook - There is an expectation for more spot XRP, DOGE, and other altcoin ETFs to launch in the near future, indicating ongoing interest in the sector [8]