Dogecoin continued to face strong market pressure as new on-chain data revealed a major cost-basis cluster near $0.2028 to $0.2044 while price action trended lower from September to December 2025. The decline unfolded even as network activity rose sharply and new ETF filings advanced in the United States.

Cost Basis Clusters Shape Market Structure

Dogecoin’s cost-basis map displayed a dense supply range between $0.20284609 and $0.20442947. This zone accounted for 11,723,527,138.972874 DOGE. The distribution heatmap covered activity from 05 September to 04 December 2025.

The chart showed a sharp rise in early September. Price then entered a persistent decline through October and November. The black line tracking market performance interacted frequently with distribution layers across the heatmap.

The deepest accumulation area appeared near $0.13433627. This level represented one of the earliest support regions during the chart period. Supply intensity on the heatmap ranged from 19M to 13B tokens.

Additionally, supply clusters between $0.15 and $0.18 held lighter but steady accumulation. These regions shaped short-term resistance attempts as Dogecoin price struggled to recover momentum. The horizontal bands reflected where large cohorts of holders entered the market.

ETF Filings Increase While Activity Rises

Two major firms advanced DOGE ETF applications. Filings from 21Shares and Grayscale added expectations for broader access to the asset. These developments surfaced as market sentiment turned risk-off.

DOGE registered 71,589 active addresses. This level marked the highest user activity since September. Network engagement expanded even as the asset’s market structure weakened.

Whale activity stayed muted. Large orders declined compared to November. The shift created a split between rising participation and limited institutional buying. 

Technical Breakdown Deepens Market Weakness

DOGE failed to hold support near $0.1487. The level broke after three failed attempts to move through the $0.1522 resistance zone. Each attempt showed falling upside volume.

Trading activity spiked sharply once sellers broke the $0.1487 floor. Three hourly candles moved more than 400 million tokens. Price action formed a descending triangle. Lower highs moved toward a flat support zone. The structure pointed to continuation unless buyers regained the $0.1487 to $0.1510 region.

Trend indicators continued to weaken. RSI drifted downward. Volume signals showed no shift toward recovery. The data raised a key question: can renewed user activity counter stronger sales pressure if buyers fail to reclaim critical levels?

Also Read: Dogecoin News Today: DOGE Climbs Higher as New Cycles Point Toward $0.75 Target

Conclusion

Dogecoin’s market structure remains pressured as cost-basis clusters near $0.20, weakening technical levels, and muted whale flows restrict recovery attempts. Rising active addresses and new DOGE ETF filings offer developing interest, yet buyers must reclaim $0.1487 to shift momentum. Close monitoring of these signals remains essential.