Retail Shift to Event Contracts Accompanies Sharp Drops in XRP and Dogecoin
Data from Vanda Research highlights a rotation of retail trading activity away from cryptocurrencies, coinciding with deeper annual losses for altcoins like XRP.
Retail trading activity has increasingly rotated out of crypto and single stocks into event-driven contract platforms, according to Vanda Research co-founder Eric Liu. Remarking on a Charles Schwab podcast, Liu identified a market share shift where retail capital entering event platforms coincides with waning engagement across traditional retail asset classes.
The divergence aligns with price performance across major tokens. In the year leading to October 4, XRP fell roughly 50% and Dogecoin dropped about 63%, underperforming Bitcoin's 30% decline and Ethereum's 40% drop. As of October 9, 2026, XRP traded near $1.40 while Dogecoin stood at $0.085.
According to the article, institutional backing through U.S. spot ETFs holding about 1.29 million BTC has helped cushion Bitcoin compared to retail-heavy assets. While XRP maintains a loyal retail following, Liu noted that broader macroeconomic factors or market sell-offs could also explain the concurrent shifts.
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