Dogecoin First SEC-Approved ETF Launches, Shiba Inu Lags Behind

Dogecoin has left Shiba Inu behind in the spot ETF race after an ETF tied to the token received U.S. SEC approval and began trading this week.

The long-running rivalry resurfaced after DOGE secured its first SEC-approved spot exchange-traded fund, while Shiba Inu remains absent from the ETF race. The milestone has reignited debate over how institutional access could reshape competition in the meme coin sector.

• Dogecoin’s dominance over Shiba Inu grows after its spot ETF wins U.S. SEC approval.
• DOGE remains the only meme coin with a standalone SEC-approved spot ETF, setting it apart from rivals.
• Although SHIB has met several benchmarks, no U.S. asset manager has filed for an exclusive SHIB spot ETF.
• Anonymous leadership, slow development, unfinished projects, and internal disputes are cited by critics as institutional red flags for SHIB.

Earlier this week, the 21Shares Dogecoin ETF officially listed on Nasdaq under the ticker TDOG following SEC approval. As the first fully approved spot Dogecoin ETF, the launch places DOGE alongside major assets such as Bitcoin, Ethereum, Solana, and XRP, all of which have spot ETFs.

Dogecoin is currently the only meme coin with an SEC-approved spot ETF, leaving Shiba Inu notably behind in the ETF race.

Since its launch in August 2020, Shiba Inu has positioned itself as Dogecoin’s primary rival. However, it currently has no exclusive spot ETF filing or approval. Its closest link to a U.S.-based ETF came when it was mentioned as a potential asset in the T. Rowe Price ETF, rather than as a standalone product.

Meanwhile, Shiba Inu’s absence from the spot ETF market remains surprising, given that it meets several key eligibility benchmarks. Notably, the SEC classifies meme coins like SHIB as non-securities, a critical requirement for ETF approval.

In addition, SHIB already has a regulated futures product trading on Coinbase, a pathway Bitcoin and Ethereum followed before securing spot ETF approval. Moreover, Grayscale has identified SHIB as eligible for a spot ETF under the SEC’s Generic Listing Standard (GLS), which was approved in mid-2025.

Despite these factors, no issuer has filed for an exclusive SHIB spot ETF, even as the SHIB community continues to push for such a product.

Although SHIB launched an exchange-traded product in Europe through Valour, it continues to lag in the United States. Instead, asset managers have favored other meme coins such as PENGU and BONK.

Critics attribute this gap to persistent concerns about the ecosystem. They cite the team’s anonymous structure, slow development, unfinished projects, and internal disputes as key reasons institutions have avoided filing for a SHIB ETF.

Meanwhile, Dogecoin’s SEC-approved ETF has strengthened its dominance in the meme coin market. DOGE leads the sector with a $21 billion market cap, far ahead of SHIB’s $4.61 billion, which ranks second.