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Dogecoin (DOGE) has lost more than 40% of its value since 22nd September, marking a significant deterioration in the memecoin’s market position. The token now trades at $0.063, down over 12% in the last seven days alone. This sustained decline has pushed the asset’s market cap to approximately $9.88 billion, resulting in the loss of its place among the top ten cryptocurrencies by market capitalization.
As of 07:13 UTC, Dogecoin traded at $0.0578, -8.1% over 24 hours, with $1.0 billion in 24-hour volume.
On-Chain Selling Pressure
Market data from Binance’s spot market indicates that sellers have dominated trading volumes in recent weeks. Daily trading volumes have dropped significantly, yet the average net volume remains skewed toward selling. Specifically, 265.5 million DOGE tokens were exchanged for USDT on the exchange. The Chaikin Money Flow (CMF) metric, which tracks money flow intensity, has fallen sharply from 0.20 to 0.01. Although the reading remains above the neutral level, the downward trajectory underscores the persistent outflow of capital from the asset.
Technical analysis reveals that Dogecoin is trading within a descending trend channel. The $0.059-$0.060 range has emerged as a critical support zone. Below this level, the next major area where buyers might re-enter the market is identified at $0.04. Currently, the price is approaching a slanting trendline support that connects a high of $0.0885 to a low of $0.0566. Bulls have attempted to defend this trendline during periods of intense selling, but the pressure remains high. If the current support holds, a rebound toward $0.074 is possible. However, a break below the $0.059-$0.060 zone would likely expose the asset to further downside, potentially testing the $0.04 level or lower.
Leveraged Positions and ETF Inactivity
Derivatives data from Hyperliquid shows that long positions are heavily underwater. The average entry price for these longs is $0.0842, which is 28.41% above the current press time price of $0.063. This entry level is currently acting as dynamic resistance, capping any potential upside movement. Large clusters of long liquidations are concentrated at two key levels: $0.061 and $0.03. If the price fails to defend the $0.060 support and absorbs the leveraged selling, a recovery remains feasible. Conversely, a breakdown could trigger cascading liquidations, driving the price toward the $0.04 demand zone or beyond.
On the institutional front, activity in U.S.-listed Dogecoin ETFs has been minimal. The two products currently live in the United States have shown no significant activity over the past month. The last recorded ETF movement occurred on 13th October, which saw net outflows of $138.57K. Over the past year, the cumulative net inflow for the Dogecoin ETF has totaled just $15 million. This lack of institutional buying power contrasts with the heavy leveraged positioning seen on derivatives platforms, highlighting a disconnect between spot institutional interest and speculative derivative activity.
The convergence of heavy spot selling on Binance, underwater leveraged longs on Hyperliquid, and minimal ETF inflows creates a fragile environment for Dogecoin. The next few days will likely determine whether the $0.059-$0.060 support holds or if the asset succumbs to further downside pressure.
