Dogecoin Tests Key Support as ETF Demand Stays Minimal

Overview

• Dogecoin has dropped sharply since late September and is trading near $0.063 after recent selling pressure, representing a drawdown of more than 40% from its late‑September level.
• U.S. spot Dogecoin ETFs reported no net creations or redemptions from Oct. 14 through Nov. 13 and hold about $10.74 million combined, signaling very limited institutional inflows.
• Derivative data show many long positions entered around roughly $0.084 and large long‑liquidation clusters sit near $0.061 and $0.03, which could trigger cascade selling if prices move through those levels.
• Technical analysts point to a $0.059–$0.060 support band as decisive for the near term because a hold could open a move toward roughly $0.074 while a break would likely expose lower targets near $0.04.
• Lower spot trading volumes, the October liquidation of Bitwise’s DOGE ETF and concentrated assets in two remaining funds reduce market liquidity and increase the risk that leveraged sellers and retail holders could face larger losses.