#美联储重启降息步伐 Dogecoin hit a yearly low of $0.13 this week. The boost brought by the ETF products launched by Grayscale and Bitwise in November has already faded. Even though 21Shares updated its spot application documents, the price remains weak. Holders saw an unrealized loss of about 1.7% this week.

On-chain data does show some highlights—active address numbers reached a historical high, indicating that some funds are bottom-fishing. However, there is still heavy selling pressure at the institutional level. DOGE trading volume surged, with over 14.4 million coins flowing out in a single day. In the short term, there is significant resistance to price increases. Although ETF applications continue to make progress, market sentiment and actual capital inflows have yet to provide effective support.