Dogecoin (#DOGE ), once highly popular with the market, has recently cooled off noticeably. Not only has its price continued to fall, but ETF funds have also started to pull out, and bullish sentiment is waning. Whether it can hold above $0.08 will be a key focus for investors.
1. Dogecoin ETFs see fund withdrawals, with about $540,000 flowing out over two days
According to data from SoSoValue, Dogecoin spot ETFs saw no fund flows from October 1 to 9, before outflows began.
On October 12, ETFs saw outflows of about $400,000, followed by another $138,570 in outflows on the 13th, bringing the total outflow over the two days to nearly $540,000. Meanwhile, ETF net assets fell from about $17 million at the start of the month to $14.44 million.
This suggests that institutional interest in Dogecoin has waned recently. Although outflows do not necessarily mean the price will continue to fall, they could put further pressure on the market in the short term.
II. DOGE is down over 14% this month, and even its rebound has done little to dispel the weakness
Dogecoin had previously traded around $0.095, but has been weakening steadily since October 7. It is now trading near $0.0824, down more than 14% this month.
On October 12, DOGE briefly rebounded to $0.088, but then fell back again, touching around $0.080 on October 13. This suggests that although some buyers have tried to buy the dip, buying pressure remains insufficient.
Technical indicators are also weak: the RSI is below its signal line, indicating that short-term downward momentum remains dominant. The CMF has risen from near -0.90 to -0.30, but remains in negative territory, reflecting that inflows have yet to improve significantly.
III. The derivatives market is also cooling, but bulls have not fully retreated
Futures market data has shifted somewhat. Dogecoin open interest rose to around $652 million on October 12, then fell to $598 million before edging back up to $609 million.
A decline in open interest usually means that some traders are closing their positions and leaving the market, resulting in lower overall participation.
However, the funding rate remains positive at 0.0088%, meaning that in the perpetual futures market, bulls are still paying fees to bears. This indicates that bullish positions remain in the market, but it does not mean DOGE will rebound immediately.
IV. Key level: Can DOGE hold $0.08?
Investors should pay close attention to the following price levels:
Key support: $0.080. If DOGE can hold this level, a short-term rebound may still be possible.
Downside risk: If DOGE decisively falls below $0.080, while ETF outflows continue and open interest declines further, the price could face greater downward pressure.
Rebound watch: DOGE needs to regain and hold around $0.088 to improve its short-term outlook. Reclaiming $0.095 would suggest that the price could retest its previous trading range.
Conclusion
Dogecoin is currently facing multiple headwinds, including falling prices, ETF outflows, and cooling derivatives open interest. Although positive funding rates indicate that some traders remain bullish, there is no clear sign of a broader trend reversal yet.
In short, $0.08 is the key level to watch. If DOGE holds above it, a rebound may be possible; if it breaks below, be alert to further declines.
For crypto beginners, don't rush to buy the dip just because the price has fallen, or blindly chase a brief rebound. Managing your position size and setting clear risk limits are more important than trying to guess the short-term bottom.