DOGE (Dogecoin) is up 4.17% in 24 hours, currently trading at $0.15

According to Gate News Bot, on December 10, CoinMarketCap data shows that as of press time, DOGE (Dogecoin) is trading at $0.15, up 4.17% in the past 24 hours, with a high of $0.15 and a low of $0.14. The 24-hour trading volume reached $1.699 billion. The current market capitalization is approximately $22.349 billion, an increase of $895 million compared to yesterday.

Dogecoin is an open-source peer-to-peer digital currency that uses blockchain technology to achieve a highly secure decentralized information storage system. As the people’s cryptocurrency, Dogecoin upholds the community ethos of “Do Only Good Everyday,” and is committed to supporting others, spreading cryptocurrency knowledge, charity fundraising, and community building. Since its inception, Dogecoin has been designed for real-world currency use, featuring extremely low transaction fees, and is one of the few crypto assets to focus on monetary functions from the very beginning.

Recent Important News for DOGE:

1️⃣ Institutional ETF Products Launched but Fund Inflows Below Expectations Grayscale and Bitwise have successively launched Dogecoin spot ETF products on the New York Stock Exchange. The Grayscale DOGE ETF (GDOG) has a management fee of 0.35%, with the first $1 billion or the first 3 months exempt from management fees, and the Bitwise DOGE ETF (BWOW) was launched simultaneously. However, these products have not attracted as much interest as expected. Grayscale DOGE ETF had a single-day net inflow of only $177,000, while Bitwise DOGE ETF had no net inflow. The combined capital inflow is far below that of Bitcoin and Ethereum ETFs during the same period. The total net asset value of DOGE spot ETFs is only $6.99 million, with a net asset ratio of just 0.03%, reflecting institutional investors’ cautious attitude toward meme coins. 21Shares also subsequently submitted a revised DOGE ETF application, confirming a management fee of 0.50%. BNY Mellon serves as the administrator, and Anchorage Digital Bank and BitGo act as custodians, indicating that multiple institutions are still making plans, but market enthusiasm has clearly cooled.

2️⃣ Technical Pressure Versus Contradictory On-Chain Signals DOGE price has been fluctuating around the key support level of $0.14, dropping from a high of $0.1522 to $0.1477. The price drop on high trading volume clearly shows institutional selling pressure. The technical pattern has formed a descending triangle with lower lows, and the RSI indicator continues to decline with no sign of reversal. However, the number of active on-chain addresses rose to 71,589, the highest since September, indicating increased user participation. Meanwhile, whale trading activity has dropped sharply to a 60-day low, with the number of large transactions plunging from a peak of 38 to just 4. This divergence between improving fundamentals and weak technicals suggests declining market risk appetite and a lack of genuine buying support for a short-term rebound.

3️⃣ Short-Term Buzz from Policy Name Borrowing but No Substantial Support The US “Department of Government Efficiency” (DOGE) led by Elon Musk and the similarly named initiative in Japan have attracted market attention. However, although these government departments share the same name as the cryptocurrency Dogecoin, their policy focus is on fiscal reform rather than digital asset promotion, providing no substantial support for cryptocurrency price increases. Musk himself stated that the department was “barely successful” and that he would not do similar things again, which does not change the market’s basic perception of DOGE as a meme coin. Fund managers’ risk control requirements and cautious asset allocation continue to be major restraining factors.

The key short-term support is at $0.14. If it falls below this level again, it may trigger further decline to $0.12 or even $0.10. Bulls need to break and stabilize above $0.150 to reverse the downturn, and then challenge the stronger supply zone at $0.16-$0.18. With the impact of the ETF narrative weakening and institutions continuing to sell, the current market structure remains biased to the downside, and weak trading volume is a core factor restricting the sustainability of any rebound.

This message does not constitute investment advice. Please be aware of market volatility risks when investing.