The meme world has a huge punchline today: Bitwise’s spot Dogecoin ETF (BWOW) is set to be officially delisted next Wednesday (October 14).
Here are three numbers to start with:
1) It launched on November 25 last year, touting itself as a way to “bring $DOGE into US brokerage accounts.” It traded $3 million on its first day, but the excitement lasted just one day;
2) By October 7, the fund had just $726,000 in assets, and its total trading volume for all of September was only $51,500—not enough to cover operating costs with management fees;
3) From launch through the end of August, the fund itself was down 45.37%. The money never came in, and the investors had already left.
Even Bitwise’s CEO admitted it: people who buy ETFs and people who buy Dogecoin are two completely different groups. Dogecoin fans who wanted in would’ve bought spot directly—why take the detour through a brokerage account and pay a 0.34% management fee?
So this isn’t a problem with $DOGE —the coin itself is still worth $13.1 billion, firmly among the world’s top ten. It’s Wall Street’s packaging that just doesn’t work for memes.
Sound off in the comments: what’s the ultimate fate of meme coins—being “tamed by the establishment and brought into an ETF,” or “growing wild on-chain forever”?
$BTC #狗狗币 #ETF
Here are three numbers to start with:
1) It launched on November 25 last year, touting itself as a way to “bring $DOGE into US brokerage accounts.” It traded $3 million on its first day, but the excitement lasted just one day;
2) By October 7, the fund had just $726,000 in assets, and its total trading volume for all of September was only $51,500—not enough to cover operating costs with management fees;
3) From launch through the end of August, the fund itself was down 45.37%. The money never came in, and the investors had already left.
Even Bitwise’s CEO admitted it: people who buy ETFs and people who buy Dogecoin are two completely different groups. Dogecoin fans who wanted in would’ve bought spot directly—why take the detour through a brokerage account and pay a 0.34% management fee?
So this isn’t a problem with $DOGE —the coin itself is still worth $13.1 billion, firmly among the world’s top ten. It’s Wall Street’s packaging that just doesn’t work for memes.
Sound off in the comments: what’s the ultimate fate of meme coins—being “tamed by the establishment and brought into an ETF,” or “growing wild on-chain forever”?
$BTC #狗狗币 #ETF