Dogecoin’s price fell significantly in early June, trading near its lowest levels since early 2024 despite SpaceX preparing for a major IPO. This decline indicates limited confidence in the cryptocurrency’s short-term upside, even with Elon Musk’s prior promises linking Dogecoin to SpaceX projects.
The cryptocurrency slipped to around $0.07, a price not seen since February, while broader market signals contributed to selling pressure. Bitcoin dipping below key psychological thresholds triggered wider panic among investors, pushing Dogecoin and other altcoins lower.
In 2021, Musk announced plans for SpaceX to fund a moon mission through Dogecoin, raising hopes that the scheduled IPO would boost DOGE’s value. However, rather than rising ahead of the event, Dogecoin has experienced an 18% drop over the first week of June, signaling low market conviction.
The open interest in Dogecoin futures fell sharply, shrinking from multi-billion dollar levels late last year to just above $1 billion in early June. This steep decline reveals limited retail investor activity and waning enthusiasm from institutional players. Spot Dogecoin ETFs have seen no inflows for several consecutive days, underscoring the lack of institutional buying despite the IPO hype.
Concerns about the broader meme coin market contribute to the weak outlook, as the total market capitalization for meme coins recently dropped below $30 billion, a new low for 2026. This downturn has spurred doubts about the viability of meme coins as an asset class among both retail and institutional investors.
Technically, Dogecoin faces a bearish trajectory, with key moving averages signaling increased selling pressure. The 150-day simple moving average is nearing a crossover below the 50-day SMA, a pattern often interpreted as a bearish signal. Meanwhile, the relative strength index (RSI) remains very low, signaling oversold conditions, yet it continues to trend downward, suggesting sellers remain dominant.
Support is eyed near the 2023 lows around $0.06, which could be tested should the downtrend persist. Conversely, a psychological resistance level rests at $0.10, which may be challenged only if oversold conditions encourage a fresh wave of buying optimism.