Dogecoin was expected to become the new ‘favorite’ among ETF products. But the launch of the first spot fund for DOGE was much colder than even the most cautious market participants predicted.
The ETF did not become a growth catalyst. On the contrary — it highlighted weak demand and a lack of real interest from institutions.
The ETF did not create demand
Grayscale Dogecoin ETF (GDOG) started with no capital inflow on the first day. This is almost unprecedented for a spot crypto fund. Even by midweek, the total inflow barely reached $1.8 million.
For comparison: Hedera, with a capitalization of $6 billion, attracted $2.2 million in the first day after launching its own ETF. Dogecoin’s capitalization is four times higher, but the interest turned out to be noticeably lower.
This imbalance between expectations and reality dampened the market’s mood. It showed that DOGE maintains a high level of discussion, but does not convert attention into investment decisions.
Network metrics reinforce the bearish signal
The key indicator is NVT (Network Value to Transactions). It rose sharply, indicating an increase in value while network activity is falling.
A high NVT for Dogecoin means one thing: the meme token is overvalued relative to actual network usage. Such cycles are usually followed by corrections, since real activity does not confirm the rise in interest.
DOGE remains popular on social media, but the number of transactions does not support the current capitalization. This increases the risk of decline if a new demand driver does not appear.
DOGE price clings to resistance
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-155970" title="photo_2025-11-27_02-04-54" src="https://coinspot.io/wp-content/uploads/2025/11/photo_2025-11-27_02-04-54.jpg" alt="Dogecoin is trading around $0.149 and cannot break above the $0.151 level. For almost a month, the price has been sliding under a descending trend line, with no breakout. If pressure increases, the price may drop to $0.142. This level remains key to maintaining local balance." width="1280" height="595" srcset="https://coinspot.io/wp-content/uploads/2025/11/photo_2025-11-27_02-04-54.jpg 1280w, https://coinspot.io/wp-content/uploads/2025/11/photo_2025-11-27_02-04-54-360×167.jpg 360w, https://coinspot.io/wp-content/uploads/2025/11/photo_2025-11-27_02-04-54-400×186.jpg 400w, https://coinspot.io/wp-content/uploads/2025/11/photo_2025-11-27_02-04-54-768×357.jpg 768w" sizes="(max-width: 1280px) 100vw, 1280px" / alt="Dogecoin is trading around 
.149 and cannot break above the .151 level. For almost a month, the price has been sliding under a descending trend line, with no breakout. If pressure increases, the price may drop to .142. This level remains key to maintaining local balance.” title=”photo_2025-11-27_02-04-54″>
Dogecoin is trading around $0.149 and cannot break above the $0.151 level. For almost a month, the price has been sliding under a descending trend line, with no breakout. If pressure increases, the price may drop to $0.142. This level remains key to maintaining local balance.
However, if demand appears, the scenario changes. A confident breakout above $0.162 will open the way to $0.175 and break the prolonged bearish momentum. But without support from the ETF and growth in network activity, the path upward remains difficult.
What’s next?
The ETF launch was not a turning point. It exposed the problem: a big name and high expectations alone do not create real demand. While investors choose assets with yield or fundamental utility, Dogecoin faces a lack of new buyers. The market needs fresh inflows. And if they do not appear, the next step is a retest of the lower levels.
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