Dogecoin has taken a clear lead in the long-running meme coin rivalry as institutional access reshapes market competition. Regulatory clarity now separates winners from laggards in the evolving crypto ETF landscape. Market participants continue to assess how ETF approvals influence capital flows and credibility. Against this backdrop, Dogecoin has gained an advantage that Shiba Inu has yet to match. Dogecoin Secures First SEC-Approved Meme Coin ETF Dogecoin strengthened its position after a spot ETF tied to the token received approval from the U.S. Securities and Exchange Commission. Earlier this week, the 21Shares Dogecoin ETF began trading on Nasdaq under the ticker TDOG, according to regulatory filings. The approval makes Dogecoin the first and only meme coin with a standalone SEC-approved spot ETF. With the launch, Dogecoin now trades alongside Bitcoin, Ethereum, Solana, and XRP in the U.S. spot ETF market. The development improves institutional access to DOGE and reinforces its role as the leading meme coin. Market data shows Dogecoin commands a market capitalization of about $21 billion, far ahead of its nearest rival. Shiba Inu, which launched in August 2020 as Dogecoin’s primary competitor, has no exclusive spot ETF filing in the United States. Its only ETF-related exposure came through a mention as a potential asset in a T. Rowe Price ETF, rather than a dedicated product. As a result, DOGE now stands alone among meme coins with direct ETF approval. Why Shiba Inu Remains Absent From the ETF Market Shiba Inu’s absence from the spot ETF race has drawn attention, given that it meets several eligibility benchmarks. The SEC classifies meme coins like SHIB as non-securities, a key requirement for spot ETF approval. In addition, SHIB already trades through a regulated futures product on Coinbase, a path previously taken by Bitcoin and Ethereum. Grayscale has also identified SHIB as eligible under the SEC’s Generic Listing Standard, which regulators approved in mid-2025. Despite these factors, no U.S. asset manager has filed for a standalone Shiba Inu spot ETF. Community members continue to push for progress, but issuers have remained cautious. Critics cite structural concerns as a deterrent for institutions. They point to anonymous leadership, slow development cycles, unfinished projects, and reported internal disputes within the ecosystem. While SHIB launched an exchange-traded product in Europe through Valour, U.S. firms have favored alternatives like PENGU and BONK. As Dogecoin’s ETF begins trading, its regulatory milestone has widened the gap with Shiba Inu. The approval underscores how institutional trust and governance now shape competition within the meme coin sector.
