Dogecoin (DOGE) is stuck at $0.09610, shedding 80% since its November 2024 high and hovering near levels last seen in September 2024. The largest meme coin mirrors the downturn of Bitcoin and major altcoins, as well as fellow meme tokens like Shiba Inu and Bonk.
DOGE ETFs See Zero Inflows for Weeks
Data from Wall Street reveals that Dogecoin ETFs from Grayscale, 21Shares, and BitWise have attracted zero inflows since February 3. Total cumulative inflows this month stand at just $252,000, with combined assets under management at $9 million. In contrast, spot XRP ETFs hold over $1 billion in assets, while Solana ETFs manage $775 million.
Futures Open Interest Plunges from $5.2B to $1B
Demand erosion is also evident in derivatives. DOGE futures open interest has tumbled from $5.2 billion last September to just $1 billion. Since the major liquidation event in October, OI has been in a steady downtrend, signaling waning interest from active traders — a bearish signal when coupled with falling price.
Multi-Year Head and Shoulders Pattern on Weekly Chart
On the weekly timeframe, DOGE has broken below the critical $0.10 support, confirming a bearish setup. A multi-year head-and-shoulders pattern has emerged: the head at $0.4820, right shoulder at $0.3073, and left shoulder at $0.2290. Price now trades below both the 50-week and 100-week exponential moving averages, and has slipped under the key support at $0.1296 — last April's low.
Further declines could target the $0.050 area. The bearish outlook would only be invalidated if DOGE climbs back above the $0.1300 resistance.