The largest Dogecoin ETF (DOJE) is down about 58% over the past year. It had a recent bounce, gaining 28% last quarter, but the fund would still need to nearly triple to reach its previous peak. Trading volume remains low. DOJE averages about $247k in daily volume, which is small compared to leading Bitcoin ETFs that move around $2.2 billion a day. Fundamentally, Dogecoin adds 5 billion new coins every year with no supply cap. This built-in inflation creates headwinds for the price. Search interest has also dropped off. It spiked around January 2025 when Elon Musk joined the government efficiency department, but current search volume is down to about 3% of that peak. Overall, it continues to trail major cryptos like Bitcoin and Ethereum in terms of scarcity, utility, and liquidity.