- Dogecoin dropped to around $0.13, its weakest price of the year, even as network activity surged and multiple spot DOGE ETFs launched in the U.S., including products from Grayscale and Bitwise.
- ETF inflows have slowed sharply, with daily net flows into GDOG and BWOW dropping to $0 and total combined assets sitting near $6.92M—far behind Solana and XRP ETFs, which each hold over $880M in net assets.
- DOGE briefly rebounded about 11% after the recent sell-off, leading some analysts to suggest quiet dip accumulation, but overall sentiment remains fragile as buyers struggle to defend key support levels.
Dogecoin hasn’t had an easy week. Even with network activity shooting to multi-month highs and new U.S. filings for spot DOGE ETFs rolling in, the price still slipped to its lowest point of the year, touching $0.13 before catching a tiny bounce. It’s a strange contradiction on the surface — growth in fundamentals but weakness on the charts — and it’s left traders wondering what’s really going on under the hood.
DOGE Price Under Pressure Even as ETF Momentum Builds
Dogecoin couldn’t hold its support levels this week and basically extended the downtrend that started back in late November. The Dec. 1 trading session was dominated by institutional-sized sell orders, which smothered any positive reaction from the on-chain data. DOGE dropped from $0.1422 to $0.1377 in one sharp intraday move — about a 3% dip — during a heavy turnover window where 830.7 million DOGE traded hands. That’s 174% above the normal daily average.
By the end of the week, DOGE was down another 1.69%, leaving holders pretty disappointed considering two Dogecoin ETFs had just launched in the U.S.
The first-ever spot DOGE ETF, the Grayscale Dogecoin Trust, started trading Nov. 24 on NYSE Arca. Bitwise followed two days later. Across the first three sessions, volume came in just under 5 billion DOGE, averaging nearly 1.7 billion per day. The buzz was loud — at first — but it didn’t last. The price drifted lower afterward, and momentum fizzled fast.
Market watchers expected some upside when 21Shares updated its filing for another spot DOGE ETF. Instead, sentiment stayed soft and Dogecoin dropped straight into yearly lows, with buyers stepping aside instead of defending key levels.
ETF Flows Slow Down, Showing Early Demand Has Faded
Fresh ETF flow data shows the excitement around institutional DOGE products cooled quickly. By Dec. 4, net inflows across the two active funds — Grayscale’s GDOG and Bitwise’s BWOW — had fallen to $0 for the day. Total inflows sit at $2.85 million with combined net assets at $6.92 million.
That’s a sharp contrast to the previous day, when inflows hit $177,000. The drop-off suggests that early curiosity didn’t turn into sustained demand.
GDOG now holds roughly $4.41M in assets, while BWOW sits near $2.47M. For comparison, Solana and XRP ETFs are operating in an entirely different universe. As of Dec. 4:
• U.S. Solana ETFs hold $910M in net assets after $623M in cumulative inflows (including $4.59M today).
• XRP ETFs sit at $881.25M with nearly $887M in total inflows and $12.84M in new money today.
The gap is obvious — Dogecoin is still in the early, early stages of institutional adoption, even though its on-chain activity keeps ramping up.
Short-Term Rebound, Long-Term Uncertainty
DOGE did manage a partial recovery on Dec. 2 after a brutal 22% monthly decline. At one point, the price climbed almost 11% before settling around $0.1475. The rebound lined up with new ETF headlines, which led some analysts to speculate that traders might be quietly accumulating DOGE at these lower ranges.
Still, the bigger picture is mixed. Network strength is up, ETF filings are expanding, but price remains under pressure — at least for now.
