Dogecoin’s price struggles as spot DOGE ETFs fail to attract significant investment, recording only one day of inflows since mid-May and amassing roughly $12.44 million since their November 2025 launch. Despite this, on-chain data reveals large-scale investors, or “whales,” have accumulated over 200 million DOGE in the past week. The meme coin recently dipped below $0.08, a low not seen since February 2025, and remains far from its all-time high as analysts warn of potential further declines.
Dogecoin faces continued headwinds from underperforming exchange-traded funds and recent market volatility. The leading meme coin recently fell below $0.08 for the first time since February 2025, recovering only slightly to approximately $0.084.
Spot DOGE ETFs have shown a stark lack of investor interest according to data from SoSoValue. The three funds tracking the asset have seen just one day of actual inflows since May 19.
In contrast, large investors are accumulating the token. Popular analyst Ali Martinez shared Santiment data showing whales acquired over 200 million DOGE in the past week alone. Their total holdings now stand at 18.84 billion coins.
Martinez has also issued a warning based on the coin’s historical price patterns. He noted that the meme coin’s price action has followed multi-year consolidation channels, where it has repeatedly moved through extended ranges that compress volatility and redistribute supply before larger cycles begin.
Citing several on-chain metrics, he explained that DOGE could drop to $0.058 if the $0.081 support level fails. The asset currently trades approximately 89% below its all-time high from May 2021.
