ambcrypto.com
6 h
Dogecoin [$DOGE] usually has the crowd on its side. Right now though, it’s crickets.
Here’s a quick look at what’s happening.
Not too long ago, Dogecoin ETFs were on a three-week inflow streak. October has been brutal, though.
4.8 based on 40K reviews in the App Store and Google Play
Per data from SoSoValue, spot $DOGE ETFs haven’t recorded a single day of inflows this month. From October 1 to 9, nothing moved at all.
Then the outflows started. Close to $400K left the funds on the 12th. Another $138,570 followed the very next day.
That’s about $540,000, gone in two days.
Total net assets was near $17 million at the start of the month. Now they’re down to $14.44 million.
$DOGE spent the first week holding around $0.095. Then it fell on the 7th, and just kept sliding. At press time, it was near $0.0824.
That’s 14% in just the last week!
Things weren’t all that bad, though. There was one recovery attempt on the 12th, when $DOGE went up to $0.088. However, the token fell quick, with a knock back down to $0.080 on the 13th.
And it’s not just the price. RSI too, was below its signal line; supporting the price fall. CMF was at -0.30, after dropping close to -0.90 earlier yesterday.
Futures positioning told a slightly different story. Open Interest climbed to roughly $652 million on October 12 before falling to $598 million the following day. It later recovered modestly to $609 million.
Funding, however, remained positive at 0.0088%, meaning traders holding long positions were still paying shorts.
That suggests some bullish exposure remained despite $DOGE’s decline, although the fall in Open Interest shows that overall futures positioning had already weakened.
The $0.080 level is now worth watching. A break below it could put additional pressure on bullish traders, particularly if Open Interest begins falling again.
