The short version
- Dogecoin price fell to $0.0776, down 3.4% in 24 hours, after closing October 23 at $0.0786, its lowest daily close on Binance since August 19.
- The drop came days after the Dogecoin Labs launch and Bitwise’s DOGE ETF closure, and it is led by spot sellers: OKX open interest stayed near $122 million and funding sat below normal.
- The crew is watching $0.0761 as the floor, with longs crowding in above it (OKX long/short ratio 4.87), and $0.0794 as the first ceiling.
The Dogecoin price is grinding lower in a week that brought DOGE some of its best headlines in months. DOGE trades at $0.0776 at the time of writing, down 3.4% in 24 hours, and closed October 23 at $0.0786, its lowest daily close on Binance since August 19.
The slide comes three days after the Dogecoin ecosystem launched its own company to build payments and apps. Good news, falling price. So who is selling, and where does DOGE find a floor?
The launch landed on Wednesday, from the team behind the MyDoge wallet:
Dogecoin Labs is here.
One team building the future of Doge: DogeOS, the MyDoge wallet, and everything that comes next.
A new chapter for Doge starts today.
globenewswire.com/news-release/2…
Why Is the Dogecoin Price Falling?
Because the good news didn’t bring new buyers. Dogecoin Labs went live on October 21 with the Dogecoin Foundation’s backing. It brings the MyDoge wallet, the DogeOS app network and the Such App merchant tools under one CEO, MyDoge founder Jordan Jefferson. DOGE touched $0.0838 that day. It has fallen 7% since.
The Wall Street side of the story went the other way. Bitwise closed its spot Dogecoin ETF, BWOW, less than a year after launch: the fund sold its DOGE on October 14 and paid holders out in cash on October 22. Bitwise only said it “continues to optimize its product range”, but a fund doesn’t close when money is flowing in.
The rest of the market didn’t help either. Bitcoin is down 1.2% in 24 hours at about $80,800, and DOGE has lost 3% against BTC on the same day. When the market leans risk-off, memecoins tend to get sold first.
Zoom out and the trend is plain. DOGE is down 27% from its September 22 high at $0.1059, down 34% since January 1 and 61% lower than a year ago.
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Is the DOGE Sell-Off Driven by Futures?
Not much. The futures market looks calm next to the spot market, and that is the part of this move most traders are missing.
Open interest, the value of all open futures bets, sat at about $122 million on OKX on October 23, close to the $118 to $125 million it held all week. A futures-led dump usually shows up as open interest jumping on new shorts or collapsing on forced selling. Neither happened.
Funding rates tell the same story. On OKX, the 8-hour rate averaged 0.0065% over the last ten days, below the 0.01% baseline, and on Hyperliquid it sits just under zero. Shorts aren’t piling in. Liquidations are small too: about $337,000 of DOGE longs were wiped out on OKX between 07:00 and 11:00 UTC this morning.
The selling shows up in spot instead. On Binance, buyers who hit the ask made up less than half of DOGE spot volume on 12 of the last 13 days. On OKX, spot sellers outpaced buyers by about 1.5 to 1 on October 22, while futures were close to even. Volume is light, though: $38.7 million on Binance spot on October 23, against $161 million on October 15. This is a slow bleed, not a panic.
DISCOVER: Funding Rates and Open Interest: Reading the Leverage in the Market
Who Is Still Buying DOGE?
Retail, on leverage. OKX’s long/short account ratio jumped to 4.87 on October 23, up from 3.19 on October 19. That means almost five accounts are betting on a rise for every one betting on a fall, and the number climbed while the price dropped.
That is the risk to watch. Open interest is flat, so the new longs are small. But a crowd of longs sitting just above support is exactly the fuel a liquidation cascade needs if the floor gives way.
EXPLORE: Support and Resistance in Plain English: Floors, Ceilings and Why They Work
Dogecoin Price Analysis: Can DOGE Hold $0.076?
For now, yes, but only just. The DOGE price sits 2% above $0.0761, the October 18 wick low and the first real support on the daily chart. Below that, $0.0750 is where the August breakout started, the last daily close at this level.
Above, the Dogecoin price has a wall to climb. $0.0794 capped the bounce on October 18 and 19, and $0.0838 is the high from the Dogecoin Labs launch day. The 50-day exponential moving average (EMA), which weights recent prices more heavily, sits at $0.0849 and has turned down. The 200-day EMA is far above at $0.0915. The Fear & Greed Index reads 51, neutral.
- Bull case: a daily close above $0.0794 opens $0.0838, then the 50-day EMA at $0.0849.
- Base case: chop between $0.0761 and $0.0794 while the spot selling dries up.
- Bear case: a close below $0.0761 and then $0.0750 puts the July and August range at $0.0695 in play, with the 2026 low at $0.0677 under it.
DOGE has a new company, a shrinking ETF shelf and a crowd of longs sitting right above support. If $0.0761 breaks, those longs become the sellers.
On the climb since 2017. Trades futures and reads onchain data. Automates the boring parts.
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