Dogecoin price flips key support as DOGE ETF headwinds rise

The Dogecoin price is on track to decline for the third consecutive month and has now reached its lowest level since November last year, as demand declines.

Dogecoin (DOGE) token dropped to a low of $0.1232, down by 74% from its highest level in 2025. This crash has made it one of the worst-performing coins among the top 20. 

Third-party data indicate that demand for Dogecoin has largely declined over the past few months. One of these numbers is the performance of the Grayscale and Bitwise DOGE ETFs.

SoSoValue data reveals that the two funds have accumulated just $2 million in inflows since their approval in November. The funds now hold only $5 million in assets, much lower than other altcoin ETFs. It is also a small percentage relative to its large market capitalization of over $20 billion.

More data shows that there is little demand for Dogecoin. The weighted funding rate has turned red in the past few days, while the futures open interest has dropped from the year-to-date high of $5.2 billion to the current $1.48 billion. 

Dogecoin’s open interest has plunged since Oct. 10, when tokens worth over $364 million were liquidated. Also, volume in the futures market has dropped from a peak of $60 billion in November to $2.85 billion today.

The ongoing Dogecoin price crash also coincides with that of other meme coins. Tokens such as Shiba Inu, Official Trump, Dogelon Mars, and Dogwifhat have all declined by over 60% from their peaks this year.

Dogecoin price technical analysis

The weekly chart indicates that the DOGE price has been in a pronounced downward trend over the past few months. A closer look shows that it has formed a head-and-shoulders pattern. Its head is at $0.4855, while the right shoulder is at $0.307333.

The token has now moved below the support at $0.1295, the neckline of this pattern. It also remains below all moving averages and the major S/R pivot of the Murrey Math Lines tool at $0.195333.

Therefore, the token will likely continue to fall as sellers target the psychological level of $0.10. A move below that level will indicate further downside over time.

Dogecoin is down by more than 60% year-to-date.