DOGE (Dogecoin) decreased 5.18% in the past 24 hours, currently trading at $0.13

Gate News Bot Message, December 16 — According to CoinMarketCap data, as of press time, DOGE (Dogecoin) is trading at $0.13, down 5.18% in 24 hours, with a high of $0.15 and a low of $0.13 during the same period. 24-hour trading volume reached $1.357 billion. The current market cap is approximately $19.703 billion, a decrease of $1.076 billion from yesterday.

DOGE is an open-source peer-to-peer digital currency, known for its unique community culture and friendly ecosystem. As “the people’s cryptocurrency,” DOGE utilizes blockchain technology to build a highly secure, decentralized system. The core philosophy of DOGE can be summarized as “Do Only Good Every Day,” with the community dedicated to mutual support, spreading crypto knowledge, charitable fundraising, and promoting community culture. Unlike other cryptocurrencies, DOGE has extremely low transaction fees and has been accepted by numerous charitable organizations. DOGE was created jointly by Jackson Palmer and Shibetoshi Nakamoto and is currently maintained and developed by the Dogecoin Foundation and the developer community.

Important recent updates on DOGE:

1️⃣ Macro risk appetite decline triggers meme coin chain reaction downturn
After the Federal Reserve cut interest rates by 25 basis points, the overall cryptocurrency market shifted to a defensive mode. Although the policy was expected, disagreements within the market regarding the future easing path intensified, making it difficult for risk appetite to be released. Under this background, the high volatility characteristic of meme coins was further amplified. Bitcoin fell below $90,000 over the weekend, triggering a chain liquidation. Market funds prioritized exiting high-beta assets, causing DOGE to retrace along with Bitcoin and other major coins. Derivatives markets were the main driver of this decline, with $514 million in positions liquidated in the past 24 hours, including $376 million in long positions—far exceeding the short liquidations—indicating traders actively reduced their positions, putting downward pressure on prices.

2️⃣ Institutional selling persists, ETF products lack appeal
While Grayscale and Bitwise launched spot DOGE ETFs attracting market attention, fund inflows were far below expectations. Grayscale’s DOGE ETF saw only $177,000 net inflow in a single day, and Bitwise’s DOGE ETF had no net inflow. The combined assets under management are well below the performance of Bitcoin and Ethereum ETFs at the same time. Total ETF assets are only $6.99 million, with a net asset ratio of just 0.03%, reflecting cautious attitudes among institutional investors toward meme coins. Amid high trading volume, continued selling pressure driven by institutional or algorithmic trading pushed DOGE down from its highs.

3️⃣ Diminishing effects of policy name borrowing; Elon Musk explicitly withdraws from government efficiency department
Although the government department sharing the same name as DOGE previously attracted attention, Elon Musk recently clarified that he will no longer participate in the government efficiency department project. He publicly stated that the department was “somewhat successful” but he would not take on similar projects again, instead focusing on SpaceX, Tesla, and other commercial ventures. This shift marks the complete dissipation of any previous support factors for DOGE based on the “government efficiency department” concept. Musk also openly said that instead of investing effort in Dogecoin, he prefers to focus on running his own businesses. These comments effectively severed the connection between DOGE and Musk’s personal influence, reaffirming the market’s understanding of DOGE as a pure meme coin.

4️⃣ Ecological application innovations struggle to offset market shocks, but community activity remains active
Gate launched the second phase of the “Earn Coins Together” invitation event, with a total prize pool of 2,400,000 DOGE. Users can invite friends to participate and share red envelope rewards. However, in the current macro risk appetite downturn, such community incentive measures are unlikely to provide effective price support. On-chain data shows DOGE active addresses hit a new high since September, but whale trading activity sharply declined to a 60-day low. The positive fundamentals contrast with technical weakness, revealing that the decline in market risk appetite has a greater impact than the positive effect of increased community activity.

From a technical perspective, DOGE’s key support is around $0.13. If the bottom zone of $0.136–$0.140 remains stable, there could be a short-term rebound toward $0.16. However, weak trading volume remains the core factor limiting sustained rebounds. If DOGE falls below $0.136 again, the downside could extend to $0.12 or even $0.10.

This message is not investment advice; please be aware of market volatility risks.