Grayscale’s DOGE ETF Debut Fails Amid Whale Selling
Grayscale increased institutional access to the meme coin by launching its DOGE ETF (GDOG) on the New York Stock Exchange. The launch comes after continuous ETF growth in the cryptocurrency space, encompassing XRP and other general altcoin products. However, DOGE is experiencing structural problems at the time of the ETF debut. In this regard, the distribution of whales continues to be a significant obstacle. Between September 19 and November 23, wallets with 10–100 million DOGE traded around 7 billion tokens, according to on-chain data. This creates a huge supply overhang. These sales come after DOGE’s drop from its top of $0.27. Furthermore, they still stifle the growing momentum in spite of the expansion of institutional infrastructure.
Dogecoin Stalled as Support Holds, But Buying Remains Weak
The ETF’s introduction sparked curiosity. Nevertheless, the demand was insufficient to overcome the more general technical breakdown. Dogecoin is still trapped between $0.144 and $0.149 in a narrow consolidation range. Every effort at a breakout is rejected by the top of the range at $0.1495, which still acts as a firm ceiling. The general downward trend that started earlier in November is consistent with this.
The structure is still bearish to neutral, with lower highs emerging below the $0.149–$0.152 range. The present floor is formed by the $0.144 support, which has withstood several tests. A verified reversal signal is not displayed by momentum indicators. Reduced volume amid attempts at recovery emphasizes the lack of long-term buying pressure.
High Volume Push Fails as DOGE Closes Lower
During the session that ended on November 24, DOGE fluctuated between $0.1449 and $0.1495. In the end, the meme coin closed at $0.1456, down 1.4%. It reached its intraday peak during the early-session rise, which was accompanied by a significant 850 million volume jump that was almost 180% above usual. However, continuation was stopped at $0.1495 due to frequent rejections. Selling in the afternoon caused the price to drop. Weakness at $0.147 was confirmed by many breakdown attempts. DOGE was sitting slightly above its established $0.144 support at the close of the session.
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