Dogecoin’s recent rally has reversed sharply, and some analysts warn the meme coin could soon revisit levels last seen in late 2023.
At a Glance
- DOGE has slid from $0.15 on January 6 to around $0.13
- Analyst Ali Martinez sees support at $0.06, implying a 53% drop
- Spot DOGE ETFs have drawn less than $7 million in combined inflows
- Why it matters: A break to $0.06 would mark a two-year low and could rattle the broader meme-coin market
The coin’s latest upswing fizzled quickly. After climbing above $0.15 at the start of January, selling pressure returned and dragged the price to the $0.13 area, CoinGecko figures show.
Bearish Case Gains Traction
Ali Martinez, a widely followed chart commentator, told followers that if the downtrend accelerates, the next major support sits near $0.06. Reaching that level would translate into a 53% haircut from current quotes and the weakest print since November 2023.
Weak institutional appetite adds to the gloom. The first U.S.-listed spot DOGE ETFs-Grayscale’s offering and a competing Bitwise product-launched late last year. Since then, cumulative net inflows have totaled under $7 million, according to data provider SoSoValue.
| ETF Product | Launch | Net Inflows |
|---|---|---|
| Grayscale DOGE | Late 2025 | <$4 million* |
| Bitwise DOGE | Late 2025 | <$3 million* |
| Combined | – | <$7 million |
*Rounded estimates based on SoSoValue data
The meager uptake suggests pension funds, hedge funds, and large asset managers have yet to embrace the product. By contrast, spot XRP ETFs that debuted around the same time have already pulled in more than $1.22 billion.
Bulls Still See Liftoff
Not everyone shares the bearish view. CryptoPulse, a popular trader on X, listed three technical reasons for optimism:
- Breakout volume on the daily chart
- RSI golden cross in progress
- MACD anchored in bullish territory
The user projects a near-term target of $0.20-$0.21 for DOGE.
Bitcoinsensus went even further, arguing that the token’s previous bull-cycle structure is repeating. Their model hints at a 900% surge that could lift prices to $1.80.
Whale activity offers another positive signal. Blockchain sleuth CEO noted that large wallets scooped up roughly 140 million DOGE, worth about $20 million, in a 12-hour window. Continued accumulation can trim liquid supply and, assuming demand holds or rises, place upward pressure on price. The same buying could also entice smaller investors to re-enter the market.
Market Context
Dogecoin’s choppy action mirrors a broader lull in crypto trading. Volumes across centralized exchanges have sunk to yearly lows as the post-holiday lull lingers. Still, meme coins remain a retail favorite; earlier this month, FLOKI rallied 950% while DOGE, SHIB, and PEPE all logged double-digit gains within days.
Whether DOGE can avoid the $0.06 support zone may hinge on renewed appetite from both whales and institutions. For now, the bulls and bears are locked in a tense standoff, with the next major move likely to set the tone for the months ahead.
Key Takeaways
- Ali Martinez highlights $0.06 as the next critical support, a level that would erase more than half of DOGE’s present value.
- Spot ETFs have failed to attract meaningful flows, undercutting a key bull narrative.
- Technical traders counter that momentum indicators are aligning for a push toward $0.20 or higher.
- Whale wallets added 140 million tokens in a single day, signaling confidence among large holders.
