21Shares received SEC approval for its spot Dogecoin ETF, ticker TDOG, making it the third $DOGE fund available in the U.S. What's interesting here is the lack of immediate price reaction — Dogecoin is holding relatively steady. In previous cycles, ETF news would've triggered speculative moves. This time, it feels more procedural.
The market seems to be treating this as infrastructure expansion rather than a catalyst. Maybe that's because there are already two other $DOGE ETFs live, so the novelty has worn off. Or maybe it reflects a shift in how investors view meme coin exposure — less about momentum, more about access.
Either way, the fact that Dogecoin now has multiple regulated investment vehicles is a structural change. It legitimizes the asset in traditional finance, even if the price doesn't immediately reflect that.
What stood out to me is the timing: approvals are coming faster, quieter, and with less fanfare. Regulatory acceptance is becoming routine.