Dogecoin price was flat today, Dec. 13, as demand for the coin and its ETFs waned. DOGE token was trading at $0.1375, a few points above the year-to-date low of $0.1316. So, what’s next for the original meme coin?
DOGE ETF Demand Has Dried
The much-anticipated Dogecoin ETFs have largely backfired, with investors largely avoiding them amid the ongoing crypto bear market.
Data compiled by SoSoValue shows that the Grayscale and Dogecoin ETFs have added just $2 million in inflows since their inception in November.
They now hold $5.58 million in assets under management, a tiny figure compared to its $23 billion market capitalization. Grayscale’s GDOG ETF holds $4.24 million in assets, while Bitwise’s BWOW has just $1.34 million.
With a management fee of 0.35%, Grayscale and Bitwise will not make significant money on these ETFs unless inflows increase in the coming weeks.
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The Dogecoin ETF flop mirrors that of Litecoin, whose LTCC fund has accumulated just $7.67 million in assets. Its latest inflows happened on November 28 when an investor bought tokens worth $414k. Its trading volume has tumbled to zero this month.
One reason for the ongoing DOGE ETF flop is that it lacks utility, and the meme coin frenzy that propelled it higher has faded.
In contrast, other utility tokens have continued to accumulate assets in the past few weeks. For example, XRP ETFs have seen inflows every day since their inception, bringing their net assets to over $1.18 billion.
Spot Solana ETFs have also added over $907 million in assets, while the recently launched Chainlink ETF has gained over $74 million in assets.
The ongoing performance of Dogecoin ETF has come at a time when demand for meme coins has tumbled, with top coins like Shiba Inu, Bonk, and Dogwifhat falling by double digits.
Dogecoin Price Technical Analysis
The daily chart shows that the DOGE price has tumbled in the past few months, forming a series of lower lows and lower highs.
It has tumbled from a high of $0.3072 on September 13 to a low of $0.1360 today. The current level is important as the coin has struggled to move below it several times since April.
Dogecoin price remains below all moving averages, a sign that bears remain in control for now. It has also tumbled below the Supertrend indicator, which has remained in red for months.
Therefore, the most likely scenario is that the DOGE price continues to fall, a move that will be confirmed if it drops below the key support level at $0.1320. A drop below that level will signal more downside, potentially to the $0.10 support.
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