Recently, the listing of the DOGE ETF has triggered a strong reaction in the market. This highly anticipated event has presented an unexpected situation: massive sell-offs accompanied by significant price fluctuations.

Data shows that some large holders have chosen to reduce their holdings by about 4%, while the reserves of DOGE on exchanges have surged to 28 billion coins. This phenomenon seems to confirm the market pattern of 'whales fleeing, retail investors taking over.'

From a technical analysis perspective, the trend of DOGE is concerning. If the key support level cannot be maintained, its price may drop to the level of $0.2018.

The reason is that as a cryptocurrency based on meme culture, the value of DOGE largely depends on market sentiment and trending stories. As the positive impact of the ETF launch gradually fades, there is a lack of new driving factors to maintain market enthusiasm. More importantly, the launch of the ETF has not fundamentally reshaped the intrinsic value of DOGE.

Looking to the future, in order to break the current state of volatility, DOGE needs new development opportunities. For example, integrating payment functionalities on the X social platform, or expanding its applications in real-world scenarios. These initiatives may inject new vitality into DOGE. If new development directions cannot be found, DOGE may continue to fluctuate within the current price range.

Overall, the future trend of DOGE will depend on its ability to transcend its identity as a mere meme currency and develop more substantial applications. Market participants should closely monitor its subsequent developments and cautiously assess investment risks.