Dogecoin (COIN: $DOGE) spot ETFs in the United States are losing momentum quickly as trading activity falls to its weakest level since launch. While interest in DOGE-based ETFs fades, Bitcoin and Ethereum continue to dominate the regulated crypto ETF space, leaving alt-focused products struggling to gain traction.
Dogecoin ETF Trading Hits Lowest Level Since Launch
Trading activity for U.S. spot Dogecoin ETFs has dipped sharply, signaling a loss of the early excitement that surrounded their debut. According to data from SoSoValue, the total value traded (TVT) for Dogecoin ETFs dropped to $142,000 on Monday, the lowest level recorded since they went live.
This is a major decline from late November, when some DOGE ETFs saw daily trading values exceeding $3.23 million. The steep decrease shows that investor engagement has cooled faster than expected.
TVT measures the dollar amount of ETF shares bought and sold during a period. It’s an important indicator of demand and real-time liquidity. Lower TVT means fewer participants are entering or exiting positions, reducing the practical usefulness of the ETF for traders.
Spot DOGE Remains Liquid, But Not Through ETFs
Although ETF activity is shrinking, the Dogecoin market itself remains extremely active. CoinGecko data shows DOGE handled over $1.1 billion in spot trading volume in the past 24 hours, alongside a market cap of $22.6 billion.
This gap reveals a clear trend: traders prefer buying and selling DOGE directly on crypto exchanges rather than using traditional ETF products. The ETF structure, at least for now, is not attracting significant capital.
Grayscale’s Dogecoin ETF launched in November with high expectations but saw a softer start than predicted. Analyst Eric Balchunas anticipated first-day trading of around $12 million, yet the ETF only reached $1.4 million, far below the forecast.
Market Performance: Bitcoin and Ether Continue to Lead ETF Demand
Across the broader ETF market, Bitcoin and Ethereum remain dominant. On December 8, Bitcoin ETFs recorded $3.1 billion in total value traded, while Ether ETFs logged $1.3 billion. These numbers show that major assets continue to draw the majority of regulated investment flow.
Other altcoin ETFs saw much smaller activity:
- Solana ETFs: $22 million TVT
- XRP ETFs: $21 million TVT
- Chainlink ETFs: $3.1 million TVT
- Litecoin ETF: about $526,000 TVT
The distribution of trading confirms that institutional and retail ETF investors still focus on BTC and ETH as the core liquidity centers of the crypto ETF market.
There were also notable inflow patterns:
XRP ETFs have continued an uninterrupted inflow streak since launch.
Solana ETFs, which recently broke their streak, have now seen three consecutive days of inflows after experiencing $32 million in outflows the previous week.
Technical Analysis: DOGE Struggles to Regain Momentum
Dogecoin’s price remains in a sideways-to-weak trend as ETF-driven momentum slips. DOGE is trading around the $0.14 area, where it has found short-term support.
Key technical levels to watch:
Support Zones
- $0.12 – $0.14: Current support band where DOGE has been stabilizing.
- $0.08: Stronger long-term support if bearish pressure grows.
Resistance Levels
$0.20: First major upside barrier. A clean breakout above this zone, supported by high volume, would signal renewed bullish strength.
Trend Outlook
- Price is forming lower highs, suggesting weakening buying interest.
- The loss of ETF momentum removes a potential bullish catalyst, leaving DOGE dependent on spot-market speculation and general crypto sentiment.
- Unless DOGE breaks above the $0.20 resistance area with solid volume, the market structure remains neutral to slightly bearish.
Impact on Traders and Market Sentiment
The decline in ETF activity has several implications for traders:
1. Reduced Liquidity for ETF-Based Trading
Lower TVT makes DOGE ETFs less attractive for institutional players or high-volume traders due to wider spreads and potential slippage.
2. Greater Reliance on Spot Markets
Since most of the liquidity remains on crypto exchanges, traders seeking efficient execution will continue using spot trading instead of ETF products.
3. Short-Term Volatility Remains High
Without ETF inflows providing consistent buying pressure, DOGE becomes more vulnerable to sudden swings driven by news, social trends, and market sentiment.
4. Meme Coin Vulnerability
The weak ETF debut challenges the narrative that DOGE is becoming a fully “institutionalized” asset. Until demand picks up, traders should view DOGE ETFs as speculative rather than foundational.
Conclusion
Dogecoin’s ETFs have lost momentum far quicker than expected, hitting their lowest trading levels since launch.
Meanwhile, Bitcoin and Ethereum ETFs continue to dominate the regulated crypto market, drawing the majority of investment and trading activity. DOGE remains highly liquid in its spot markets but has yet to establish real traction through ETF products.
For now, Dogecoin’s ETF story is cooling off, and its price action reflects a market waiting for a new catalyst.
Should the ongoing analysis continue to support this trend, we will release a full update with all relevant details.
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