The cryptocurrency that started as a literal joke has reached a new level of legitimacy. This week, Dogecoin (DOGE) made its formal debut on the New York Stock Exchange through not one, but two spot exchange-traded funds, giving mainstream investors direct exposure to the meme coin without needing to navigate crypto exchanges.

Grayscale Celebrates With Memes

Grayscale, the world's largest cryptocurrency-focused asset manager, couldn't resist the irony. To celebrate the launch of its Grayscale Dogecoin Trust ETF (GDOG), the firm posted a meme video on X featuring the viral Shiba Inu image overlaid on pet dogs riding an escalator, with the Grayscale logo positioned over their owners. It's the kind of self-aware marketing that only makes sense for a cryptocurrency born from an internet meme.

The Grayscale ETF (GDOG) started trading on NYSE Arca on Monday, becoming the first U.S. investment vehicle allowing investors to hold the spot price of DOGE tokens directly in their investment accounts. As of November 26, the fund had accumulated $2.16 million in cumulative inflows, with total assets under management reaching $3.92 million, according to data from SoSo Value.

Bitwise Doubles Down

Grayscale didn't have the field to itself for long. The Bitwise Dogecoin ETF (BWOW) launched on Wednesday, making it a banner week for the memecoin. Bitwise came out swinging with $2.83 million in first-day trading volume, exactly double what Grayscale managed on its debut.

But here's the catch: neither ETF recorded net inflows on their first day of trading. Together, the two funds hold $6.48 million in assets under management, which represents just 0.03% of Dogecoin's total market capitalization.

Market Response

The launches had a modest positive effect on Dogecoin's price. The coin traded up 1.39% to $0.1542 over the past 24 hours, according to data from Benzinga Pro, and has gained 4.4% for the week.

The ETFs themselves performed well in their early trading sessions. Grayscale's fund (GDOG) closed Wednesday's regular session up 1.60% at $18.29, while Bitwise's offering (BWOW) closed at $25.51, up 3.1%.

What started as an internet joke in 2013 is now a regulated investment product trading on America's most prestigious stock exchange. Whether that's the ultimate validation or the ultimate irony probably depends on your perspective.