Dogecoin’s recent rally, fueled by ETF hype and renewed whale accumulation, is taking a breather, leaving some traders questioning whether momentum is fading. Despite the short-term slowdown, on-chain metrics, derivative positioning, and liquidity trends suggest that the fundamentals for another upside push remain intact.

ETF Inflows Collapse, Market Sentiment Wavers

The GDOG ETF debut initially sparked excitement, but inflows collapsed 80% overnight, dropping from $1.8M to just $365K. By day two, total assets reached only $2.16M, showing that institutional demand isn’t as strong as early narratives suggested.

This sharp decline highlights the fragile nature of meme-coin interest in regulated markets. Investors are treating DOGE ETFs as speculative instruments rather than long-term holdings, causing sentiment to waver even amid a high-profile launch.

Price Struggles Near $0.15

Despite the ETF debut, DOGE has struggled to gain traction, holding just above the critical $0.15 level. The token is trading within a rising parallel channel on the 4-hour chart, forming consecutive higher highs and lows. However, technical indicators suggest a potential 6%–8% pullback as RSI shows bearish divergence and MACD hints at a possible crossover.

• Support: Trend line within the rising channel could act as a base, limiting losses.
• Upside targets: If DOGE sustains within the channel, bulls could aim for $0.16.

Quiet Accumulation Signals Strength

Despite the recent slowdown, on-chain data reveals steady accumulation rather than panic. Whale activity remains strong, and exchange reserves are drifting lower. This indicates that the downturn is largely sentiment-driven, not structural.

If DOGE maintains support and broader market risk appetite stabilizes, this quiet accumulation could provide the fuel for another breakout, signaling that the rally may not be over yet.