Dogecoin Drops 8% as ETF Debuts Fail to Drive Demand
Dogecoin (DOGE) tumbled nearly 8% after breaking its key $0.1495 support, triggering a high-volume liquidation that overshadowed modest inflows from Grayscale and Bitwise ETFs, which totaled just $2.16 million in the first week.
The breakdown marks a shift from consolidation to an active downtrend. DOGE traded 1.56 billion tokens—around 6.5× the daily average—reflecting institutional or algorithmic selling rather than retail activity. The token slid through lower highs and lows, reaching the $0.1370 range.
Momentum indicators show DOGE is deeply oversold, while attempts to reclaim $0.1383 repeatedly failed. The token now consolidates between $0.1372 and $0.1383, suggesting temporary stabilization but maintaining a bearish structure.
Key Points:
- ETF inflows were underwhelming at $2.16M.
- Breakdown below $0.1495 confirms a downtrend.
- Volume surge indicates significant selling pressure.
- Resistance at $0.1383 holds; momentum remains oversold.
- Narrow consolidation may pause the decline, but bearish bias persists.
