The cryptocurrency market has once again welcomed a milestone event, but this time the main character is not Bitcoin or Ethereum, but rather Dogecoin, which has long been viewed as the representative of "Meme coins." Asset management giant Grayscale has officially launched the first U.S. Dogecoin spot ETF (trading code: GDOG) on the New York Stock Exchange (NYSE Arca). This move theoretically opens a compliance door for traditional capital markets to invest directly in Dogecoin, marking the acceptance of this once community joke by the mainstream financial system. However, the market's reaction has been surprisingly calm. Compared to the frenzy when Bitcoin's spot ETF was listed, GDOG's debut was rather quiet, with the first day's trading volume even described as "dismal." This huge expectation gap provides us with an excellent window to analyze current market sentiment, capital flow, and the future of Dogecoin.