Dogecoin Falls 7% as Bulls Lose Steam After ETF Hype

Key Notes

• Dogecoin’s daily trading volume dropped by 16% to $1.36 billion, while futures open interest fell 5.38%, signaling bearish sentiment.
• Speculation around a potential Dogecoin ETF approval by the SEC rises as Polymarket data shows a 69% chance by year-end.
• Meanwhile, Dogecoin’s integration with Coinbase’s Base network enhances its DeFi utility.

Dogecoin

DOGE $0.19

24h volatility: 5.8%

Market cap: $28.17 B

Vol. 24h: $1.31 B

price has come under strong selling pressure, slipping more than 7% and falling under $0.19. This fall comes amid the broader crypto market fall, amid fresh selling pressure following the release of the US CPI data on June 11. Despite the odds of DOGE ETF approval placed at 51% by the year-end, the bulls have failed to keep the momentum.

US CPI Puts Selling Pressure on Dogecoin and Crypto Market

For the month of May, inflation climbed to 2.4%, falling short of analysts’ expectations of 2.5%, according to the latest Consumer Price Index (CPI) data. Core CPI, which excludes volatile food and energy prices, also came in below forecasts at 2.8%, compared to the anticipated 2.9%.

However, this also marks the first uptick in headline CPI inflation since January 2025, signaling a potential shift in inflationary trends. As a result, market expectations for a Federal Reserve rate cut next week have dropped to zero. Investors will be closely watching Jerome Powell’s commentary at the upcoming FOMC meeting on June 18.

Coming to Dogecoin, the daily trading volume for the largest meme coin has dropped by 16% to $1.36 billion. Additionally, the DOGE futures open interest has also tanked by 5.38% to $2.08 billion, showing bearish sentiment among traders.

As per the technical chart formation, Dogecoin price must reclaim the crucial support of $0.19. Failing to do so can trigger a further fall to $0.12.

DOGE Gains Traction Amid Speculation of ETF Approval

Dogecoin’s recent price action reflects renewed interest in meme tokens following significant crypto market shake-ups. Speculation over a potential Dogecoin ETF has intensified, with Polymarket data suggesting a 69% likelihood of SEC approval in 2025. Such a move could usher in institutional capital, significantly impacting the market.

Adding to the momentum, Dogecoin’s integration with Coinbase’s Base network introduces wrapped DOGE to decentralized finance (DeFi) ecosystems on a large scale for the first time. This integration enhances the token’s functional value and utility within DeFi platforms.

Related article: DOGE Price Jumps 4% Despite Dogecoin ETF Delay, What’s Next?Notably, Dogecoin has attracted high-volume support near critical levels, signaling potential accumulation by institutional investors. Despite this, retail traders remain cautious, reflecting the ongoing divergence in market sentiment.

nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.