DOGE (Dogecoin) up 3.71% in 24 hoursAccording to market News , as of December 8, per CoinMarketCap data, $DOGE (Dogecoin) is currently priced at $0.14, up 3.71% in the past 24 hours, reaching as high as $0.15 and dipping as low as $0.13. The 24-hour trading volume stands at $1.255 billion. The current market cap is approximately $23.25 billion, up $832 million from yesterday, ranking 9th overall.Dogecoin is an open-source, peer-to-peer digital currency known for its friendly community and straightforward philosophy. As a popular cryptocurrency, Dogecoin is built on blockchain technology and uses a highly secure decentralized system for information storage. Dogecoin’s core philosophy is “Do Only Good Everyday,” with the community dedicated to mutual support, spreading cryptocurrency knowledge, charitable fundraising, and fostering creative culture. As one of the few 
cryptocurrencies genuinely used for daily payments, Dogecoin has been designed as real money since its inception, featuring low transaction fees and fast transaction speeds. Additionally, the Dogecoin community is active in charitable causes, from building wells in Kenya in 2014 to the #TeamSeas initiative in 2021, and many charities have begun accepting Dogecoin donations directly.Recent Key DOGE News:1️⃣ Multiple Institutional ETF Products Launched but with Limited Inflows Grayscale and Bitwise have launched spot DOGE ETF products on the New York Stock Exchange. The Grayscale DOGE ETF (GDOG) has a management fee of 0.35%, with the first $1 billion or first three months free of fees, while 21Shares’ updated filing confirms a 0.50% management fee. However, these ETFs have not attracted as much interest as expected; the Grayscale DOGE ETF saw net inflows of only $177,000 in a single day, and the Bitwise DOGE ETF had no net inflows. The combined inflows of less than $2.16 million are far below those seen by Bitcoin and Ethereum ETFs over the same period, reflecting institutional investors’ cautious stance on meme coins, which partly explains recent price pressure.2️⃣ Technical Pressure and Institutional Sell-offs Dominate Although the number of active on-chain addresses once rose to 71,589—a new high since September, indicating increased user participation—whale transactions have dropped sharply to a 60-day low, with the number of large transactions plunging from a peak of 38 to just 4, signaling a wait-and-see attitude among major holders. In terms of price, Dogecoin dropped from $0.1522 to $0.1477 on high volume, breaking through a key support level. Trading volume surged to 830.7 million coins, 174% above the 24-hour average, clearly showing that institutional selling pressure dominated this downturn. Technically, the price has formed a descending triangle pattern with lower lows; RSI continues to decline without showing any reversal signal, making short-term rebounds difficult to sustain.3️⃣ Japanese Government #DOGE Program and Meme Coin Identity Confusion The Japanese government recently launched the “Government Efficiency Division” (DOGE) program aimed at reforming tax incentives and subsidy systems. The program’s name, identical to the cryptocurrency Dogecoin,
has attracted market attention. However, this initiative provides no substantial benefit to cryptocurrency prices, as its policy focus is on fiscal reform rather than digital asset promotion. While the event drew short-term media attention, it does not change the market’s basic perception of DOGE as a meme coin, and fund managers’ risk controls and cautious asset allocation remain significant limiting factors.From a technical perspective, DOGE faces a key support test at $0.1470. If it falls below this level again, it could decline further to $0.1450 or even $0.1425. Bulls need to reclaim $0.1487 and subsequently break through $0.1510 to signal a trend reversal. With the ETF narrative losing momentum and continued institutional selling, the current market structure remains bearish, and the sustainability of any short-term rebound is limited.This news does not constitute investment advice. Please#Write2Earn be aware of market volatility risks when investing.
