The Dogecoin whales have fallen silent as the newly launched U.S. DOGE ETFs see weak demand, raising questions about market sentiment and the short-term outlook for the meme coin.
Large holders of Dogecoin have slowed their activity despite the arrival of the first spot DOGE ETFs in the United States.
This shift comes at a time when the cryptocurrency market is generally losing momentum, leading to a reduction in the drastic trading patterns that characterized previous periods of volatility.
Blockchain data shows that Dogecoin whales have reached their lowest level of activity in two months.
Analyst Ali reports that the slowdown reflects a period of calm in major digital assets, where strong intraday swings have softened.
This change has raised doubts about whether the whales are waiting for an improvement in market conditions or preparing for further weakness.
The reduced activity coincides with Dogecoin's tight price range since mid-October. The asset has remained between $0.133 and $0.20 for several weeks. At the time of this publication, Dogecoin was trading around $0.15, suggesting a 1.08% increase in the last 24 hours.
The launch of spot Dogecoin ETFs was expected to infuse new interest into the market. Grayscale launched its DOGE ETF, trading under the symbol GDOG, on the New York Stock Exchange earlier this week.
Bitwise also launched its own Dogecoin product under window 8(a) of 20 days, marking an exceptional moment of institutional expansion for the meme-inspired asset.
Despite these events, the market reaction remained subdued. GDOG recorded an initial trading volume of $1.4 million, below sector expectations. $DOGE
