Dogecoin (DOGE) Shows Controlled Strength as Traders Eye Key Resistance Above

According to trading records and company filings, Grayscale’s new spot Dogecoin ETF — ticker GDOG — opened quietly, pulling in just $1.4 million in trading volume on its first day on NYSE Arca.

Muted Debut On NYSE Arca

Reports have disclosed that the debut fell well short of some public forecasts. Bloomberg analyst Eric Balchunas had suggested the fund might see roughly $10–12 million in opening-day volume, a target that the actual figures did not meet.

That gap has drawn quick commentary from traders and analysts, who say the launch exposure was smaller than expected for a high-profile first spot product.

Grayscale’s paperwork shows the ETF began life with holdings of about 11 million DOGE and roughly 94,700 shares outstanding, with assets under management reported at roughly $1.7 million at the time the fund started trading.

The sponsor set a management fee of 0.35%, but that charge is being waived — the fund will carry a 0% expense ratio either until it reaches $1 billion in assets or for the first three months, whichever happens first.

Market Shifts To Other Altcoins

Based on reports from market trackers, other recent altcoin ETFs saw stronger early demand, leaving GDOG’s debut looking muted by comparison.

Some XRP and Solana vehicles drew faster inflows during their openings, and that contrast has been used to explain why meme-coin exposure did not attract as much fresh cash on day one.

Traders say that where money goes now may reflect a preference for certain tokens over meme-style names in regulated wrappers. What Investors Are Watching Next

Observers note a few things to watch: whether the fee waiver helps the fund gather assets in the coming weeks, how DOGE’s market price behaves as more products list, and whether competing Dogecoin ETFs — including a product from Bitwise — change the flows.

Some analysts are watching short term creation and redemption activity and the order books around the ETF to judge real demand versus headline interest.

Dogecoin’s spot market showed mild movement after the listing, trading near $0.15 as the ETF opened. That price action suggests traders reacted but did not rush in, and it leaves the question of long-term institutional appetite open.

Based on the data so far, GDOG’s quiet first day is a clear signal that listing alone does not guarantee big capital flows.

The next few weeks — when the fee waiver is still active and competing listings arrive — will be key to see whether the fund can widen its reach or remain a subdued debut in a busy ETF calendar.

Featured image from Gemini, chart from TradingView

Bitcoin (BTC) rallied to $91,950 on Nov. 26 as data shows the market sitting at a key inflection point. Data from Capriole Investments placed Bitcoin’s production cost near $83,873, while the electrical cost, the baseline energy input for mining, sits far lower at $67,099.

Key takeaways:

• Bitcoin is currently trading just above miner production cost as profitability compresses.

• Elevated hashrate and collapsing hash prices are pushing miners toward stress thresholds.

• The dynamic NVT ratio dropped under its low band, historically bullish, but often with one final shakeout.

Bitcoin miner margins tighten as industry faces profitability stress

Currently, the BTC miner price stands at $87,979, leaving miners with a slim 4.9% margin, one of the lowest readings of the cycle. Historically, thin margins have acted as a stabilizing force rather than a stress signal. As profitability narrows, inefficient miners tend to drop off, difficulty adjusts, and the supply pressure from miners cools noticeably.

This often creates the kind of “quiet support” that Bitcoin forms during transition phases between fear-driven selling and longer-term accumulation.

South Korea's Naver and Dunamu plan to invest 10 trillion Korean won ($6.8 billion) in the next five years into building a next-generation financial infrastructure based on the combination of AI and blockchain, according to multiple local news reports. 

Naver is a leading IT conglomerate with $284 billion in market capitalization, while Dunamu is the parent company of Upbit, the largest cryptocurrency exchange in South Korea. On Wednesday, Naver Financial, the group's fintech arm, officially confirmed that it is acquiring Dunamu through a share-swap deal.

Following the merger confirmation, the companies held a joint press conference in Seoul on Thursday, with leaders of Naver, Naver Financial and Dunamu present.

Dunamu President Song Chi-hyung said the three companies will build a system that will "establish a new global framework" that encompasses not only payments and settlements but also the financial sector as a whole, Chosun Ilbo reported.

Choi Soo-yeon, the CEO of Naver, reportedly said that the companies see new opportunities at the "critical juncture" between the popularization of blockchain and the transition to agentic AI.

This merger marks one of the largest tie-ups in South Korea's fintech and crypto sector, combining Naver's AI, commerce capabilities, Naver Financial's payment and financial infrastructure and Dunamu's digital asset trading and blockchain ecosystem.

Stablecoin race

Meanwhile, the companies will also work on launching their own Korean won-pegged stablecoin, Dunamu CEO Oh Kyung-seok said, according to a report from BlockMedia. Earlier this week, local media reported that Naver Financial is launching a stablecoin wallet service for a local project in Busan next month.

South Korea is currently pushing to establish a local currency-pegged stablecoin market, as South Korean President Lee Jae Myung chose the initiative with an aim to protect monetary sovereignty against the dominant U.S. dollar stablecoin market. 

Naver's rival IT giant Kakao has also recently advanced its won-stablecoin initiative to the actual development stage, while recruiting blockchain service backend developers. 

While local giants compete to take the lead in the country's stablecoin market, legislative efforts have stalled. Although several lawmakers have proposed regulatory groundwork for a local stablecoin market, development is complicated by the Bank of Korea's stance insisting that only registered banks be permitted to issue won-stablecoins.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

XRP price started a steady increase above $2.20. The price is now consolidating gains and might aim for another increase if it clears $2.280.

• XRP price started a fresh increase above the $2.220 zone.
• The price is now trading above $2.20 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2.180 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it clears $2.280.

XRP Price Holds Ground

XRP price started a decent upward move above $2.10 and $2.120, beating Bitcoin and Ethereum. The price gained pace for a clear move above the $2.20 resistance.

The bulls even pumped the price above the $2.220 zone. A high was formed at $2.286 and the price started a short-term downside correction, but ETH and BTC rallied. There was a move below the 23.6% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high.

The price is now trading above $2.20 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.180 on the hourly chart of the XRP/USD pair.

If there is a fresh upward move, the price might face resistance near the $2.2650 level. The first major resistance is near the $2.280 level, above which the price could rise and test $2.350. A clear move above the $2.350 resistance might send the price toward the $2.450 resistance. Any more gains might send the price toward the $2.50 resistance. The next major hurdle for the bulls might be near $2.550.

Another Pullback?

If XRP fails to clear the $2.280 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.180 level and the trend line. The next major support is near the $2.120 level.

If there is a downside break and a close below the $2.120 level, the price might continue to decline toward $2.050 and the 50% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high. The next major support sits near the $2.00 zone, below which the price could continue lower toward $1.9250.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.180 and $2.050.

Major Resistance Levels – $2.280 and $2.350.

Upbit, South Korea's largest cryptocurrency exchange, was hacked for around 54 billion Korean won ($36.8 million) early morning on Thursday, local time.

The exchange said it has halted withdrawals and deposits to examine an abnormal withdrawal of cryptocurrencies on the Solana network. Its announcement said that at around 4:42 a.m. in South Korea, a portion of tokens were withdrawn to an external wallet that has not been identified by the platform.

The affected tokens are SOL, 2Z, ACS, BONK, DOOD, DRIFT, HUMA, IO, JTO, JUP, LAYER, ME, MEW, MOODENG, ORCA, PENGU, PYTH, RAY, RENDER, SONIC, SOON, TRUMP, USDC and W, according to Upbit's announcement.

It said the platform has moved all assets to a safe cold wallet to prevent further attacks, and has successfully frozen $8.18 million worth of LAYER tokens. Upbit said it will work with projects and authorities to freeze the remainder of stolen assets.

The platform added that it will compensate damages to user assets using its reserve assets, and ensured that customers will not experience any personal losses. Upbit has not yet disclosed the details of the attack nor the point of entry.

This is a developing story.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

A cryptocurrency analyst has pointed out how XRP has bounced off the bottom level of a Parallel Channel and could be headed toward its midway line.

XRP Recently Found Support At The Lower Line Of A Parallel Channel

In a new post on X, analyst Ali Martinez has discussed about a technical analysis (TA) pattern forming in the 3-day price of XRP. The pattern in question is a “Parallel Channel,” appearing whenever an asset’s price consolidates between two parallel trendlines.

The upper level of the channel provides resistance to the asset, making tops probable at it. Similarly, the lower line can facilitate bottom formations by acting as a source of support. A breakout of either of these bounds can imply a continuation of the trend in that direction.

There are a few different types of Parallel Channels, but the one of interest here is the most basic version: a channel that’s parallel to the time-axis. This type corresponds to a phase of true sideways movement in the price.

Now, here is the chart shared by Martinez that shows the Parallel Channel that the 3-day price of XRP has been stuck inside for the past year:

As is visible in the above graph, XRP witnessed a failed breakout beyond the upper line of the Parallel Channel back in July. This kicked off a phase of downtrend for the cryptocurrency, which culminated in a retest of the channel’s lower line earlier in November.

The coin has since observed a rebound, a potential sign that the support level of the Parallel Channel is holding up. The analyst thinks that the cryptocurrency may now be heading toward the midpoint of the pattern, located at $2.60.

From the current price of the asset, a rally to this level would mean an increase of almost 20%. It now remains to be seen whether the coin’s surge will continue, or if it will retrace back to the support line again.

Something that could make the latter scenario more likely is profit-taking from the whales. As Martinez has highlighted in another X post, the large XRP holders carrying between 1 million and 10 million tokens participated in distribution during the asset’s latest recovery surge.

As displayed in the chart, XRP whales reduced their supply by more than 180 million tokens (worth $391 million at the latest exchange rate) alongside its 17% price rally. This selloff was only a continuation of the trend from earlier in the month, and could be a potential sign that the sentiment among big-money traders hasn’t changed despite the rebound.

XRP Price

At the time of writing, XRP is floating around $2.17, down 1.5% over the last 24 hours.