Dogecoin’s journey from internet meme to Wall Street product gained another step forward after the Depository Trust & Clearing Corporation (DTCC) listed the 21Shares Dogecoin ETF under the ticker symbol TDOG. The move is procedural, not approval from regulators, but highlights growing momentum in crypto ETF development.
TDOG appears on DTCC listing
According to an updated DTCC list published on September 23, the 21Shares Dogecoin ETF was added to its National Securities Clearing Corporation (NSCC) list under the ticker TDOG. The listing enables technical and operational readiness for settlement should the U.S. Securities and Exchange Commission (SEC) grant approval.
DTCC emphasized that ETF listings on its system are routine steps and “should not be interpreted as SEC approval.” Similar listings occurred ahead of the SEC’s clearance of Bitcoin and Ethereum spot exchange-traded funds earlier this year, fueling speculation in advance of formal decisions.
Regulatory path still uncertain
Swiss asset manager 21Shares first filed its application for a Dogecoin ETF in April 2025. The SEC formally acknowledged the filing the following month but delayed its decision, grouping it alongside applications from Grayscale and Bitwise. Unless the SEC grants approval, trading on exchanges cannot proceed, despite readiness at the DTCC level.
Dogecoin’s Wall Street test
This is not the only Dogecoin ETF proposal in motion. Osprey Funds, via issuer Rex Shares, filed for a spot Dogecoin ETF (ticker: DOJE) earlier this September, which market observers said could make Dogecoin the first meme coin packaged in a U.S. exchange-traded product.
ETF Store president Nate Geraci said in an August 2025 note that the “next two months will be critical” for crypto-linked funds, with a Dogecoin ETF among the candidates under review. If approved, analysts say it would mark the first time a meme coin enters Wall Street’s regulated investment vehicle ecosystem, a symbolic milestone after Bitcoin and Ethereum ETFs.
First dogecoin ETF appears likely to launch this week…
— Nate Geraci (@NateGeraci) September 7, 2025
Rex-Osprey DOGE ETF (DOJE).
Get ready.
Think we’re in for *wild* next 2 months for crypto ETFs.
How a Dogecoin ETF would work
Based on filings, both the TDOG and DOJE products would directly hold Dogecoin, with at least 80% of assets allocated to DOGE itself. Managers have requested flexibility to use derivatives such as futures or to rebalance into other crypto ETFs, to address liquidity and volatility challenges.
Dogecoin’s market depth is far thinner than Bitcoin’s, which could make liquidity management a focal point. The hybrid structure mirrors how Bitcoin and Ethereum spot ETFs handle allocation with cash or futures exposure to smooth flows.
Market reaction
So far, the listing has not buoyed prices. According to TradingView data on Sept. 23, Dogecoin slipped around 4% in 24 hours following broader crypto liquidations driven by Bitcoin’s drop to multi‑week lows. DOGE traded near $0.2395, up just 1.3% over the last 30 days, effectively giving back most of the gains inspired by ETF speculation earlier in the month.
DOGE’s chart has been consolidating below a descending trendline, with its relative strength index (RSI) at ~55, suggesting neutral momentum. Technical watchers point to $0.25–0.30 as near‑term resistance, while $0.20 marks key support. At the same time, DOGE is reportedly forming a potential Golden Cross pattern, where its 50‑day moving average approaches a bullish crossover of the 200‑day MA.
Outlook
With TDOG now on DTCC’s system and other applications like DOJE under review, the spotlight remains on the SEC’s regulatory calendar. Market watchers will look for announcements in Q4 regarding approvals, delays, or denials.
While DOGE ETFs remain speculative, listing steps reflect increasing institutional preparation. Whether Dogecoin’s meme‑driven popularity can translate into sustained ETF inflows will be tested if and when the SEC opens the meme coin to Wall Street investors.
Tanya Petrusenko
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