Core Insights - Dogecoin's recent ETF launch did not meet market expectations, resulting in weak investor interest and inflows [2][3][4] Group 1: ETF Performance - Grayscale's Dogecoin ETF (GDOG) had a disappointing debut, recording zero inflows on launch day and only $1.8 million by the following Tuesday [2] - In comparison, Hedera's HBAR ETF, with a smaller market cap of $6 billion, achieved $2.2 million in inflows on its first day, highlighting the lack of enthusiasm for Dogecoin [2] Group 2: Market Sentiment and Demand - The weak demand for the ETF indicates a disconnect between social media sentiment and actual investor conviction, suggesting that the anticipated bullish momentum has not materialized [3][4] - On-chain indicators, such as the Network Value to Transactions (NVT) ratio, have surged, indicating that Dogecoin is being hyped without corresponding network usage, which is a bearish sign [4][5] Group 3: Price Analysis - Dogecoin is currently trading at $0.149, just below the $0.151 resistance, and has been in a downtrend for nearly a month with little evidence of a breakout [6] - If Dogecoin can attract fresh demand, a breach of the downtrend could push the price above $0.162, potentially reaching $0.175, which would invalidate the current bearish outlook [7]