Dogecoin (DOGE) is approaching a sensitive phase as weakening investor demand, stalled ETF inflows, and growing sell-side pressure converge near a key price area.
Related Reading: XRP Risks Double-Top Crash Toward $0.40, Peter Brandt Warns
Once driven largely by retail enthusiasm, the meme coin is now trading closer to levels where a significant share of holders last acquired their tokens, raising questions about downside risk if confidence continues to erode.
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At the same time, isolated whale accumulation and long-term cost-basis data suggest the market is approaching a zone that could define the next major move.
DOGE's price trends to the downside on the daily chart. Source: DOGEUSD on Tradingview
Dogecoin ETF Inflows Stall as Sentiment Softens
One of the clearest shifts in Dogecoin’s recent market structure has been the loss of momentum in its exchange-traded funds. Data shows that the Grayscale and Bitwise DOGE ETFs have not recorded any inflows since December 11, with total inflows since launch standing at roughly $2 million.
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Combined assets under management are around $5.2 million, representing a negligible fraction of Dogecoin’s overall market capitalization. The muted response contrasts sharply with other altcoin ETFs, particularly XRP and Solana products, which have attracted hundreds of millions of dollars in inflows.
The lack of sustained interest has raised questions about the long-term viability of DOGE-focused funds, especially given their low revenue potential at current asset levels. More broadly, the ETF slowdown reflects a risk-averse environment, with the crypto Fear and Greed Index remaining in fear territory.
On-Chain and Derivatives Data Point to Bearish Bias
Beyond ETFs, on-chain metrics show declining participation from large holders. Wallets holding between 100 million and 1 billion DOGE have reduced their balances by over 1 billion tokens since early December.
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Similarly, the proportion of DOGE supply in profit has slipped to near 50%, suggesting fewer holders are sitting on unrealized gains.
Derivatives markets reinforce this cautious outlook. Short positions now account for more than half of open DOGE derivatives, while over $5 million in long positions were liquidated in a 24-hour period. Open interest has also declined, pointing to reduced speculative appetite rather than aggressive dip-buying.
Price Near Key Support as $0.10 Comes Into Focus
Technically, Dogecoin is trading near the $0.123–$0.126 range, an area that has repeatedly acted as support since April.
The price remains below key moving averages, with momentum indicators such as MACD and RSI signaling continued downside pressure. A decisive break lower could expose the psychological $0.10 level.
Related Reading: Ethereum Risks Slide To $2,000 If December Closes Below This Level: Analyst
Analysts have also projected deeper historical support near $0.074, where roughly 28 billion DOGE last changed hands. While a move to that level would require further deterioration in sentiment, current conditions suggest Dogecoin is approaching a cost-basis zone that could determine whether sellers remain in control or longer-term holders begin to step in.
Cover image from ChatGPT, DOGEUSD chart from Tradingview
