Dogecoin (DOGE) price dropped to its weakest price of the year this business week, slipping to $0.13 even as network activity reached a multi-month high and new filings for spot DOGE ETFs advanced in the United States. but why this contradiction is happening? let’s see.
DOGE Price Pressure Continues Despite ETF Developments
DOGE failed to hold support levels during the week and continued the downtrend that began in late November. Institutional-sized trades dominated Dec.1 session and created selling pressure that outweighed any positive reaction to the on-chain numbers. DOGE slipped from $0.1422 to $0.1377, a 3% intraday decline, during a peak turnover period in which 830.7 million DOGE changed hands — 174% above the 24-hour average.
DOGE Price losses reached 1.69% for the week, leaving holders with a weaker outcome than expected after two Dogecoin exchange-traded products went live in the U.S.
The first spot DOGE ETF, the Grayscale Dogecoin Trust, started trading on Nov. 24 on NYSE Arca, followed two days later by Bitwise. Trading volumes across the first three sessions came in just under 5 billion DOGE, averaging slightly below 1.7 billion DOGE per day. The launch generated strong attention but did not sustain a broader rally, and DOGE has since traded lower.
The market expected renewed upside when 21Shares updated its own filing for a spot Dogecoin ETF. Instead, DOGE tested a yearly low as sentiment remained weak and buyers failed to defend key price zones.
ETF Flows Slow Despite New Filings
ETF flow data from the two active DOGE spot funds shows that early enthusiasm around institutional products has faded. As of Dec. 4, daily net inflows across Grayscale’s GDOG and Bitwise’s BWOW fell to $0, bringing the total cumulative inflow to $2.85 million and combined net assets to $6.92 million. That compares with $177,000 of inflows on Dec. 3, indicating that early interest did not convert into steady demand.
GDOG currently holds around $4.41 million in assets, while BWOW accounts for roughly $2.47 million. The DOGE ETF category remains small compared with other recent altcoin launches. According to SoSoValue data for Dec. 4, U.S. Solana ETFs hold $910 million in total net assets after attracting $623 million in cumulative inflows, including $4.59 million in new money today. XRP ETFs sit at $881.25 million with $887 million in total inflows and $12.84 million in new subscriptions for the day.
The gap in allocations shows that DOGE remains at an early stage of institutional adoption compared with Solana and XRP, even as on-chain activity for the memecoin strengthens.
DOGE posted a partial recovery on Dec.2 after dropping more than 22% over the past month, climbing nearly 11% at one point to stabilize around $0.1475. The rebound coincided with renewed attention to ETF filings which led some analysts to suggest users may be accumulating DOGE during the dip.
