DOGE has fallen to around $0.07. Even the old-school holders must be running out of patience, right?
Just a few months ago, people were discussing when it might surge to $0.20 or $0.30. Now the question is whether it can even hold $0.07.
On November 5, DOGE briefly fell to around $0.071, its lowest level in more than two months. Open interest in the futures market has also shrunk significantly: it was around $1.6 billion in September, but had dropped to about $1 billion by early November.
Leveraged money is pulling out, and market excitement has cooled, too.
There’s another rather sobering statistic.
According to previous data on U.S. DOGE ETFs, cumulative net inflows over nearly 10 months had only just topped $12 million, with no net inflows on more than 80% of trading days.
Bitwise’s DOGE ETF also stopped trading in October.
This points to one thing: DOGE still has enormous community influence, but name recognition alone isn’t enough to keep attracting traditional investors.
For now, I’m mainly watching two levels:
▪ Around $0.069: A short-term support level to watch. If it breaks below this, be alert for further weakness.
▪ Around $0.076: The level it needs to reclaim and hold for a short-term rebound. After a breakout, we’ll also need to see whether trading volume can keep up.
At this level, I wouldn’t go all in just because the price has fallen so much.
DOGE has never been short of sudden rallies, but it has also gone through prolonged slumps.
Whether the old dog can get running again ultimately depends on whether investors are willing to return.
If $DOGE drops below $0.07 again, will you keep adding to your position, or wait for it to stabilize first?
Just a few months ago, people were discussing when it might surge to $0.20 or $0.30. Now the question is whether it can even hold $0.07.
On November 5, DOGE briefly fell to around $0.071, its lowest level in more than two months. Open interest in the futures market has also shrunk significantly: it was around $1.6 billion in September, but had dropped to about $1 billion by early November.
Leveraged money is pulling out, and market excitement has cooled, too.
There’s another rather sobering statistic.
According to previous data on U.S. DOGE ETFs, cumulative net inflows over nearly 10 months had only just topped $12 million, with no net inflows on more than 80% of trading days.
Bitwise’s DOGE ETF also stopped trading in October.
This points to one thing: DOGE still has enormous community influence, but name recognition alone isn’t enough to keep attracting traditional investors.
For now, I’m mainly watching two levels:
▪ Around $0.069: A short-term support level to watch. If it breaks below this, be alert for further weakness.
▪ Around $0.076: The level it needs to reclaim and hold for a short-term rebound. After a breakout, we’ll also need to see whether trading volume can keep up.
At this level, I wouldn’t go all in just because the price has fallen so much.
DOGE has never been short of sudden rallies, but it has also gone through prolonged slumps.
Whether the old dog can get running again ultimately depends on whether investors are willing to return.
If $DOGE drops below $0.07 again, will you keep adding to your position, or wait for it to stabilize first?