Dogecoin slipped for the second session in a row as heavy whale distribution and technical weakness overshadowed optimism surrounding Bitwise’s expected launch of the DOGE ETF within 20 days.
News background
Bitwise Asset Management confirmed that its spot Dogecoin ETF can launch within 20 days under the Section 8(a) automatic approval rule, pending no SEC intervention. The move follows last week’s debut of SOL, LTC and HBAR ETFs on Wall Street and signals accelerating institutional product development across the meme-coin segment.
Grayscale also amended its own spot DOGE ETF filing and initiated a similar countdown period. The parallel efforts underscore how regulators’ passive stance under Section 8(a) could expedite listings even without explicit SEC approval.
Despite the broader optimism, DOGE’s price action decoupled strongly from the ETF narrative as large holders liquidated positions for strength. On-chain data recorded over 1 billion DOGE (~$440 million) moved by whale wallets in the last 72 hours – in line with the heaviest distribution week since early October.
Summary of price action
DOGE fell 2.4% to $0.1634 during the 24-hour session, breaking below $0.167 support amid accelerating selling. The token traded through an intraday range of 6.4%, establishing sequential lower highs during the first 16 hours of trading.
The sharpest drop hit at 15:00 GMT as volume surged to 793.4 million tokens – about 150% above average – bringing DOGE to its session low of $0.1590. Multiple rebound attempts failed at $0.1639 resistance, confirming sustained supply costs.
Late trading brought stabilization as DOGE rebounded from $0.1615 to near $0.1631, with activity in the last hour averaging 6.2 million tokens per minute – slightly above the norm and signaling measured re-entry from institutional participants.
Technical Analysis
The session produced a textbook breakdown and retest pattern that confirmed short-term bearish control while hinting at possible base formation. Declining highs from the open validated resistance near $0.1674, while late session higher lows of $0.1615-$0.1625 established the early framework for a potential reversal.
Momentum indicators remain mixed. RSI recovered from near oversold territory (38-42 band) and MACD flattening suggests decelerating downward momentum. However, with total open interest on futures falling 12% and funding rates turning negative on Binance, speculative appetite remains muted.
The volume profile supports a transition phase – heavy distribution early followed by measured accumulation late in the session. This structure often precedes short-term consolidation before volatility compresses ahead of a decisive breakout.
What traders should know
Traders are now focusing on whether DOGE can defend $0.1575-$0.1615 support as ETF-driven sentiment builds. The ETF countdown could act as a volatility catalyst, but the technical remains fragile until price closes above $0.1674.
If bulls regain this level, short-term upside targets are in line with $0.172-$0.180, which coincides with pre-collapse supply. Conversely, failure to hold $0.1575 risks exposing the $0.15 psychological zone where data on the chain’s cost basis is clustered.
The interplay between ETF headlines and whale flows is likely to dictate direction in the near term: sustained outflows from large holders could limit any ETF-driven optimism until mid-November.
