Dogecoin (DOGE) Price: Falls 10% After First ETF Launch on Thursday. What’s Next?

TLDR

DOGE fell 10% to 0.238in24hoursdespitelaunchoffirstDogecoinETF(0.238 in 24 hours despite launch of first Dogecoin ETF ( 0.238in24hoursdespitelaunchoffirstDogecoinETF(DOJE) Double top pattern formed with bearish target at $0.238 already hit REX-Osprey Dogecoin ETF drew $50 million in trading volume within minutes of launch Trading volume surged 200% to $5 billion as market liquidations hit $2 billion Support level at $0.22 could trigger bounce toward $0.30-$0.40 range

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Dogecoin dropped sharply to $0.238 after losing 9.5% in 24 hours and 8% over the week. The decline came despite the historic launch of the first Dogecoin ETF on Thursday.

Dogecoin (DOGE) Price

The REX-Osprey Dogecoin ETF began trading under ticker $DOJE and immediately attracted massive interest. Over $50 million worth of shares changed hands within minutes of the launch.

Assets under management for the new ETF have climbed to $4 million according to official data. The regulated vehicle offers direct exposure to the meme coin for institutional investors.

BREAKING: 🚨

🇺🇸 21SHARES SPOT $DOGE ETF ($TDOG) IS OFFICIALLY LIVE ON THE DTCC pic.twitter.com/kGISteMr0H

— CEO (@Investments_CEO) September 22, 2025

Trading activity exploded across the broader market as volumes surged nearly 200% to $5 billion. This represents 14% of Dogecoin’s total circulating market cap.

The selling pressure intensified as crypto liquidations approached $2 billion market-wide. Many traders were caught off guard by the sudden spike in volatility.

Technical Analysis Points to Bearish Pattern

Analyst Merlijn The Trader identified a double top formation on DOGE charts. The pattern showed two failed attempts to push higher before breaking below a neckline near $0.27.

$DOGE IS FLASHING A TEXTBOOK DOUBLE TOP.

Bearish retest locked. Target sits at $0.238.

Don’t confuse noise with signal.

The chart is already telling the truth. pic.twitter.com/GJ32G2kniw

— Merlijn The Trader (@MerlijnTrader) September 21, 2025

The measured move target from this setup sits at $0.238. The market has already reached this level during the recent decline.

Resistance now sits at $0.27 for any recovery attempt. A daily close above $0.28 would weaken the current bearish outlook according to technical analysts.

The chart pattern favors continued downside while price remains under the neckline. Traders are watching these levels closely for direction.

Other analysts point to a completed retest of a long-running descending trendline. This line had capped rallies for several months before being broken.

The breakout above that trend was followed by a pullback into the $0.24-$0.25 zone. Support appeared to emerge in this range during recent trading.

On-Chain Metrics Show Mixed Signals

Market Value to Realized Value has climbed but remains below previous cycle highs. Some analysts view this as less concerning than readings seen at prior tops.

DOGE has traded mostly between $0.20 and $0.25 since 2023. Some market watchers see this as a steady base rather than distribution.

Circulating supply remains steady at 151.04 billion DOGE tokens. The volume-to-market-cap ratio hit 13.04% showing unusually aggressive activity.

Both large holders and retail traders participated in the heavy trading session. Market cap currently sits near $36 billion for the meme coin.

If support holds at $0.22, momentum could push toward $0.30 according to some projections. Further upside targets sit at $0.32-$0.35 levels where DOGE traded earlier this year.

A breakout above $0.40 would confirm bullish scenarios and potentially open the path toward $1. The new ETF could provide institutional buying pressure to support such moves.

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