According to Coinglass data, DOGE futures open interest shows a sluggish trend around the $1.5 billion market, signalling a lack of speculative force to drive bullish recovery…
DOGE, the largest meme cryptocurrency by market cap, bounced 6.78% during Tuesday’s U.S. market hours. The upswing followed a relief rally in the broader market as Bitcoin held above $90,000. However, the coin price gained additional momentum as Grayscale’s Dogecoin ETF is poised for launch in the coming week, giving investors a new way to access the popular meme coin
Grayscale Investments continues to move into altcoin territory with a new Dogecoin conversion under the aegis of the Dogecoin Trust, which is now speeding up under streamlined SEC protocols. The firm’s S-1 registration, originally lodged in August of 2025, was amended on November 3 with the addition and clarification of custody and operations.
This update activated Section 8(a) of the 1933 Securities Act, which has a 20-business-day acceleration provision by which the filing would be effective without further action. As of November 19, the countdown is pointing to November 24 for possible effectiveness, although the actual trading depends on the listing confirmation by NYSE Arca.
The proposed GDOG shares would own actual DOG via Coinbase Prime custody, which contrasts with the futures-based DOJE ETF from REX-Osprey, which debuted on CBOE in September under the quicker path of the 1940 Investment Company Act.
Grayscale’s model recalls its 2024 Bitcoin and Ethereum conversions, with a focus on direct asset backup to reduce tracking errors that occur in derivative products.
Despite the anticipated Dogecoin ETF launch, the open interest tied to the Dogecoin futures remains in a sluggish trend after the October 10th sell-off. According to Coinglass data, the DOGE’s OI has remained flat around the $1.5 billion mark, signaling no interest from derivative traders to open new positions in the market.
The DOGE traders remain cautious amid the prolonged market correction, signaling a lack of speculative force to bolster a price rebound.
Over the past week, the Dogecoin price has showcased a V-top reversal from $0.186 to the current trading value of $0.161, registering a 13.3% loss. This new lower-high formation signals that a sell-the-bounce sentiment is intact among traders as the broader market correction prolongs.
During the price fall, the sellers gave a decisive breakdown from the support level of a long-coming ascending trendline. Since October 2023, the support trendline has stood strong during major market pullbacks, allowing buyers to recuperate the exhausted bullish momentum.
Thus, the recent breakout could intensify the seller’s dominance in this asset to drive an extended correction. With today’s uptick, the Dogecoin price is retesting this support as a potential resistance before determining the next trajectory.
The downsloping trend of daily exponential moving averages (20, 50, 100, and 200) signals that the broader market sentiment is bearish. Currently, the 20-day EMA stands as immediate resistance against buyers.
If the resistance trendline stands firm, the DOGE price could plunge to the next significant support at $0.13.
Amid the ETF launch insight, the Dogecoin buyers could attempt to fail the previous breakdown and reclaim the support for further recovery.
