Dogecoin trades around $0.17, trying to stay above key levels as 2025 draws to a close. Unlike previous years when the coin showed strong fourth-quarter growth, this time the momentum has weakened. Investors who expected a traditional year-end rally are growing increasingly cautious amid fading optimism.

The main pressure comes from large holders actively reducing their positions. Wallets containing between 10 and 100 million DOGE have been offloading coins, adding to selling pressure. At the same time, long-term investors are decreasing their exposure, suggesting waning confidence.

Derivatives markets reflect a bearish mood — short positions outnumber longs by more than five to one. This imbalance could trigger a short squeeze if prices rebound slightly, but without strong volume support, such moves are unlikely to last.

Key support remains near $0.17. Losing this level could push DOGE down to $0.15, but if the current upward channel holds, a rebound toward $0.22 is possible, especially if the long-awaited spot Dogecoin ETF launches before the end of November.