Dogecoin price drops 14%, but futures funding stays positive — Why?
Funding is still in the green despite the fall.
Dogecoin [DOGE] usually has the crowd on its side. Right now though, it’s crickets.
Here’s a quick look at what’s happening.
$540K just bled out of Dogecoin ETFs
Not too long ago, Dogecoin ETFs were on a three-week inflow streak. October has been brutal, though.
Per data from SoSoValue, spot DOGE ETFs haven’t recorded a single day of inflows this month. From October 1 to 9, nothing moved at all.
Then the outflows started. Close to $400K left the funds on the 12th. Another $138,570 followed the very next day.
That’s about $540,000, gone in two days.
Total net assets was near $17 million at the start of the month. Now they’re down to $14.44 million.
Dogecoin price dropped 14% this month, but…
DOGE spent the first week holding around $0.095. Then it fell on the 7th, and just kept sliding. At press time, it was near $0.0824.
That’s 14% in just the last week!
Things weren’t all that bad, though. There was one recovery attempt on the 12th, when DOGE went up to $0.088. However, the token fell quick, with a knock back down to $0.080 on the 13th.
And it’s not just the price. RSI too, was below its signal line; supporting the price fall. CMF was at -0.30, after dropping close to -0.90 earlier yesterday.
Futures positioning told a slightly different story. Open Interest climbed to roughly $652 million on October 12 before falling to $598 million the following day. It later recovered modestly to $609 million.
Funding, however, remained positive at 0.0088%, meaning traders holding long positions were still paying shorts.
That suggests some bullish exposure remained despite DOGE’s decline, although the fall in Open Interest shows that overall futures positioning had already weakened.
The $0.080 level is now worth watching. A break below it could put additional pressure on bullish traders, particularly if Open Interest begins falling again.
Final Summary
- Dogecoin price fell about 14% in October. Key level to note is $0.080; losing it means further freefall.
- DOGE spot ETFs have seen no inflows this month; over $540K has flown out in the last couple of days!
