Dogecoin is stuck in a deep slump, and new data suggests the pain may not be over. The popular meme coin is now trading at $0.096, down around 80% from its November 2024 peak.
The drop mirrors weakness across the wider crypto market. Bitcoin and other major altcoins have also fallen. Meme coins like Shiba Inu and Bonk have followed a similar path.
Demand for Dogecoin is clearly fading. Spot Dogecoin ETFs from firms like Grayscale, 21Shares, and BitWise have recorded no inflows since February 3.
So far this month, total inflows sit at just $252,000, with combined assets of around $9 million. That is small compared to XRP ETFs, which hold over $1 billion in assets, and Solana products with roughly $775 million.
Futures data tells the same story. Open interest has dropped sharply to $1 billion, down from $5.2 billion last September. Falling open interest usually shows that traders are losing interest and closing positions.
The technical chart also looks weak. Dogecoin has formed a large multi-year head-and-shoulders pattern, a classic bearish signal. It has also fallen below key moving averages and lost support at $0.10.
If the pattern plays out, analysts say DOGE could fall toward $0.05. However, a move back above $0.13 would cancel the bearish outlook.
For now, Dogecoin remains under pressure as demand slows and traders stay cautious.
