Grayscale’s Dogecoin exchange-traded fund (ETF) began trading on NYSE Arca on Monday, Nov. 24, giving investors a new way to gain exposure to the 10th-largest cryptocurrency by market capitalization.

Although the listing marks a milestone for the 12-year-old memecoin, which has been publicly supported by high-profile figures like Elon Musk and Mark Cuban, the GDOG fund reported just $1.7 million in assets, and $1.4 million in first-day trading volume, with net inflows not disclosed, according to data from SoSoValue.

That’s significantly lower than some projections. Bloomberg's senior ETF analyst Eric Balchunas forecasted in an X post yesterday that day-one trading volume for GDOG could hit as high as $12 million.

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