El aumento de precios del Dogecoin del 23%: ¿Es un movimiento especulativo o realmente representa el final de la tendencia bajista?

In late 2025, Dogecoin (DOGE) experienced a 23% price surge, pushing its value to $0.12 amid a broader crypto market correction. This rally, however, emerged against a backdrop of declining whale activity, weak institutional positioning, and a market dominated by speculative retail flows. To assess the sustainability of this move, we must dissect the interplay between on-chain metrics, social sentiment, and institutional dynamics.

Whale Inactivity and Liquidity Concerns

Dogecoin's whale activity in Q4 2025 hit its lowest level in two months, with large holders reducing transactions above $1 million from frequent transfers in early October to just three by late November. This decline, as noted by on-chain analyst Ali Martinez, raises concerns about liquidity. Large holders now control a significant portion of the supply, and their inactivity could exacerbate volatility if selling pressure emerges. Meanwhile, mid-tier whales (holding 10–100 million DOGE) have increased balances, while top-tier whales have sold $730 million worth of DOGE since October. This divergence weakens the potential for a coordinated price rebound.

On-Chain Metrics: Accumulation vs. Bearish Price Action

On-chain data reveals a mixed picture. Santiment reports that Dogecoin is in a network-wide accumulation phase, with rising Mean Coin Age and subdued Age Consumed metrics since mid-November, indicating long-term holders are retaining their DOGE despite bearish trends. The MVRV ratio, a measure of realized vs. unrealized value, hit a six-month low in mid-December, with 36% of holders in unrealized losses-a potential capitulation signal. However, technical indicators like the weekly On-Balance Volume (OBV) chart broke below key trendlines, suggesting price bounces lack sufficient volume to sustain momentum.

Social Sentiment and Retail Momentum

Retail investor activity in Q4 2025 cooled as risk appetite waned, but Dogecoin's social media engagement remained robust. Santiment data highlights DOGE as a top asset for discussions on platforms like Reddit and X. By early 2026, the memecoin sector saw a resurgence, with DOGE gaining nearly 20% weekly as retail traders flocked to speculative assets. This momentum, however, is fragile. Projects like AlphaPepe attracted new holders through presales and staking, but Dogecoin's price remains heavily influenced by celebrity endorsements and social sentiment, which are inherently volatile.

Weak Institutional Positioning

Institutional support for Dogecoin in Q4 2025 was negligible. ETF inflows for DOGE stalled, with combined assets under management in Grayscale and Bitwise ETFs totaling just $5.2 million-a fraction of its market cap. Futures open interest plummeted from $4.4 billion in October to $1.5 billion by late December, reflecting deleveraging and reduced risk appetite. Derivatives markets also showed a bearish bias, with short positions dominating and long positions facing heavy liquidation. This weak institutional positioning contrasts sharply with Bitcoin's ETF-driven rally earlier in 2025.

Technical Outlook: A Critical Crossroads

Technically, Dogecoin has broken above a key trendline near $0.13, but its price remains below the 200-day EMA at $0.181. A breakout above $0.166 could signal a reversal, while a breakdown below $0.142 risks pushing the price toward $0.121. The market is in a critical phase, with both buyers and sellers showing increased activity as investors await macroeconomic cues, such as the Federal Reserve's rate decisions.

Conclusion: A Short-Lived Bounce or a Bottoming Process?

Dogecoin's 23% surge appears driven by retail speculation and social sentiment rather than fundamental strength. While on-chain accumulation suggests some buyer interest, whale inactivity and weak institutional positioning undermine the rally's sustainability. The market is caught between a bearish macro environment and retail-driven memecoin momentum. For now, DOGE's price action reflects a speculative bounce rather than a confirmed bottoming process. Investors should remain cautious, as the absence of institutional support and the risk of whale-driven selling pressure could lead to sharp corrections if sentiment shifts.