21Shares ETF Update Fails to Ignite Full Rally—Is Dogecoin (DOGE) Losing Steam?
By: coinchapter|2025/05/15 23:30:07
0
Share
Dogecoin (DOGE) recently received a positive update: the U.S. Securities and Exchange Commission (SEC) officially acknowledged Nasdaq’s filing to list and trade shares of the 21Shares Dogecoin ETF. This marks the beginning of the regulatory review process for the ETF. The announcement did not cause much movement in Dogecoin’s price. The price only reached around $0.24—well within its recent trading range. ETF-related announcements typically fuel strong rallies, especially in highly speculative assets like DOGE. Yet in this case, the reaction was muted compared to what was expected. It seems like the ETF news may have already been priced in. The original ETF filing by 21Shares was made back in April, and DOGE had already surged over 50% in early May. In other words, the ETF update acted more as a confirmation than a catalyst. Dogecoin Active Addresses Drop from 650K to 347K On-chain data from Santiment shows that DOGE’s active 24-hour addresses spiked to over 650,000 during the ETF announcement but quickly dropped to 347,000. This sharp fall indicates a decline in immediate network activity following the price correction. A rise in active addresses often reflects rising user interest or trading activity. Sustained network growth requires consistent user activity—not short bursts tied to news events. A healthy rally is usually supported by a gradually increasing number of active addresses, which is not the case here. Futures Open Interest (OI) has also risen along with the price, indicating fresh money entering the market. However, the OI-weighted funding rate remains positive, implying that most of that money is betting long. This creates an imbalance: if the price doesn’t rise, those long positions may begin to unwind, triggering a cascade of liquidations—a classic “long squeeze.” Funding rate data further supports this. DOGE’s funding rates remain positive, indicating more long positions than short ones. When funding rates stay high while the price stops moving up, it can lead to a flush as over- leveraged longs are forced to exit. From a risk management standpoint, this setup is fragile. There needs to be a breakout supported by spot volume, not just derivatives speculation. You May Also Like: Dogecoin Holders Mark ‘Dogeday’ as SEC ETF Decisions Near Key Deadlines Technical Indicators Signal Weakness Dogecoin’s recent price action shows clear signs of exhaustion after failing to break above the $0.24 resistance. The 4-hour chart reveals that DOGE is trading below the 20 EMA ($0.23042), with the 50 EMA ($0.21889) acting as near-term support. The 100 EMA at $0.20410 represents the next key level if the price fails to hold above current support. The Relative Strength Index (RSI) has dropped to 46.60, slipping below the neutral 50 mark. This indicates that buying pressure has weakened, and bears may be gaining control in the short term. Additionally, the MACD histogram is flattening, suggesting a possible bearish crossover if momentum doesn’t return soon. Volume has also declined since the ETF acknowledgment rally, signaling reduced participation. Without a surge in spot buying interest, DOGE may continue to consolidate or face further downside pressure. If DOGE closes above $0.24 with strong volume, it could attempt a move toward the next resistance at $0.265. However, if it breaks below the $0.218 level, the price may fall toward $0.20—a psychologically important support zone. A further breakdown below $0.20 would expose DOGE to a drop toward the $0.182 area, where the 200 EMA currently resides.
You may also like

WLFI at it Again? Banking License Controversy Amid $500M Investment
The UAE's investment in World Liberty Financial has heightened concerns over whether it received special treatment and whether national security issues are involved

The Aave civil war escalates, Morpho quietly doubles: Is the lending throne about to change hands?
Wall Street asset management giant Apollo Global Management invested $160 million in Morpho.

Dune Stablecoin Research: The Flow and Demand of a $300 Billion Market
In the dataset, transfers are no longer simply labeled as pure "transaction volume," but are classified as different on-chain activities. This is the difference between "just knowing that $100 trillion has been transferred" and "understanding why it was transferred."

Stripe Annual Letter: New cognitive density is extremely high, especially the 5-level model of "AI + Payments"
Every trend here is affecting everyone's future survival.

Sam Altman's Twenty-Four Hours: The Pentagon said "no" twice, but only one was serious
In Silicon Valley, Altman's sub-12-hour move has a name. It's not called backstabbing, it's called timing.

The US-Iran Conflict Spreads to the Crypto Space: What to Expect in the Market on Monday
The most important industry in the crypto world, only 300 kilometers away from the missile's impact point

Lily Liu, the chair of the Solana Foundation, shouted "Don't waste time on crypto," is the crypto industry really dead?
The interest of the younger generation is shifting from cryptocurrency to the field of artificial intelligence, which coincides with the current phenomenon in the cryptocurrency industry.

The little deer live by the water and grass
Mining companies have never been the most devout believers in Bitcoin. Under the pressures of halving compressing profits, financial reports showing revenue growth without profit increase, and coin prices falling below mining costs, the industry is collectively de-risking.

The world belongs to Chinese people who speak English
The world is vast, and only playing half of it is truly a loss.

Why Stop at 126K? Michael Saylor Breaks Down BTC Stagnation and Retail Absence Truth
Bitcoin is digital capital, and I will spend a thousand hours explaining it to you. Eventually, you will understand, but you will still have to endure a 45% crash.

Virtuals Protocol's inaugural Titan project: ROBO aims to give a wallet to a robot
This is a key step in Virtuals expanding the Agent Economy into the Embodied AI and Robotics field.

Stablecoin Latest Report: Actual Distribution and Circulation Much More Notable Than Supply
The Truth about Stablecoin Circulation Speed, Concentration, and Structure After Doubling the Supply

Paradigm's New Arithmetic: When Crypto Can't Hold 12.7 Billion, AI Becomes the Answer
It took Paradigm three years to emerge from the ruins of FTX.

Wintermute Founder: In the Lost Cryptocurrency Market, What Can We Still Do?
This is more like a manifesto, discussing "the very reason we are here."

$1.3 Billion Debt: BitDeer Faces Tough Battle
Wu Jihan is waiting for AI's money to catch up with the speed of debt.

Anthropic's IPO Gamble: At the Most Unlikely Moment, It Chose to Say No
In the AI Era, what is the most valuable thing?

Paradigm's Math Problem: $12.7 Billion, Too Big for a Single Crypto Fund
Emerging from the ruins of FTX, Paradigm took three years

Ethereum Unveils Scaling Roadmap, What's Different This Time?
Short-term improvements to execution efficiency through the Gas mechanism optimization and block validation parallelization, and long-term scalability through ZK-EVM and blobs data architecture.
WLFI at it Again? Banking License Controversy Amid $500M Investment
The UAE's investment in World Liberty Financial has heightened concerns over whether it received special treatment and whether national security issues are involved
The Aave civil war escalates, Morpho quietly doubles: Is the lending throne about to change hands?
Wall Street asset management giant Apollo Global Management invested $160 million in Morpho.
Dune Stablecoin Research: The Flow and Demand of a $300 Billion Market
In the dataset, transfers are no longer simply labeled as pure "transaction volume," but are classified as different on-chain activities. This is the difference between "just knowing that $100 trillion has been transferred" and "understanding why it was transferred."
Stripe Annual Letter: New cognitive density is extremely high, especially the 5-level model of "AI + Payments"
Every trend here is affecting everyone's future survival.
Sam Altman's Twenty-Four Hours: The Pentagon said "no" twice, but only one was serious
In Silicon Valley, Altman's sub-12-hour move has a name. It's not called backstabbing, it's called timing.
The US-Iran Conflict Spreads to the Crypto Space: What to Expect in the Market on Monday
The most important industry in the crypto world, only 300 kilometers away from the missile's impact point