Dogecoin ETFs See Slow Start Despite $1 Price Rally Hopes

The debut of spot exchange-traded funds tracking Dogecoin in the United States has been met with cautious investor response, with Grayscale and Bitwise’s offerings recording limited inflows during their initial trading week. Grayscale’s Spot DOGE fund (GDOG), which launched on November 24, saw first-day volume of just $1.8 million – significantly below the $12 million prediction from Bloomberg senior ETF analyst Eric Balchunas. According to data from SoSoValue, net inflows across both Grayscale and Bitwise’s DOGE ETFs totaled just over $2.16 million throughout the first trading week, indicating restrained interest from both institutional and retail investors.

This lukewarm reception stands in stark contrast to the strong opening inflows witnessed by other recently launched altcoin ETFs, including those for Solana (SOL) and XRP. The lackluster performance has raised questions about whether these new investment vehicles will generate the renewed interest in Dogecoin that some proponents had anticipated. The muted response suggests that despite the novelty of being the first-ever Dogecoin ETFs, market participants remain cautious about allocating significant capital to the meme cryptocurrency through these new structured products.

Despite the underwhelming ETF launch, multiple technical analysts are identifying potentially optimistic scenarios for Dogecoin’s price trajectory. Crypto analyst Ali Martinez has identified key support around $0.08, with resistance near $0.20. This support level harks back to periods when DOGE previously dipped below $0.10 before launching into multi-month rallies, including one that took the cryptocurrency to $0.50 following the US elections. The historical significance of this level suggests it could serve as a springboard for future price appreciation.

More bullish technical perspectives come from analysts like XForceGlobal, whose multi-week analysis suggests Dogecoin may be concluding a long-term corrective phase and positioning for what Elliott Wave Theory identifies as a powerful fifth wave impulse. According to this framework, such a wave could propel prices well beyond current levels, with intermediate targets potentially reaching between $0.33 and $0.50, and longer-term possibilities extending toward $1. This analysis indicates that despite current market sentiment, underlying technical structures may be aligning for significant upward movement.

Adding to the optimistic technical outlook, analyst Trader Tardigrade notes that Dogecoin has returned to the same long-term support zone that previously triggered substantial rallies. His weekly chart analysis demonstrates how Dogecoin’s price action has repeatedly bounced from this ascending trendline, generating gains exceeding 80%, 210%, and even over 440% since October 2023. The pattern remains intact, suggesting that if support at $0.15 holds, Dogecoin could follow a similar structure into a larger expansion phase.

The current price action places Dogecoin at a pivotal technical crossroads. Trading at $0.15 at the time of writing, the cryptocurrency sits precariously close to either rebounding from or breaking below critical support levels. According to Trader Tardigrade’s projection, if support holds and the established pattern continues, Dogecoin could embark on a gradual 610% climb toward $1 by 2026. This would represent one of the most significant rallies in the meme cryptocurrency’s history, though it remains contingent on maintaining key technical levels.

The divergence between weak ETF demand and bullish technical outlook creates an intriguing dynamic for market observers. While institutional interest through the new ETFs has been tepid, technical analysts point to historical patterns and wave structures that suggest potential for substantial price appreciation. This contrast highlights the ongoing tension between fundamental investment flows and technical market structure in the cryptocurrency space, particularly for assets like Dogecoin that have demonstrated both meme-driven volatility and technically significant price movements throughout their history.