Dogecoin faces price drop and ETF outflows

Dogecoin (DOGE) has experienced a significant price decline of approximately 14% in October, dropping from around $0.095 to near $0.0824. This downturn coincided with a period of negative movement in Dogecoin ETFs, which saw roughly $540,000 in outflows over two days in mid-October. Total net assets for these funds decreased from nearly $17 million at the start of the month to approximately $14.44 million.

Despite the price drop and weakening open interest, futures funding remained positive at 0.0088%, indicating that some traders maintained bullish exposure by paying shorts. The $0.080 price level is identified as a critical support point for the token.

Originally launched in late 2013 by Jackson Palmer and Billy Markus as a satirical response to the technical complexity of Bitcoin, Dogecoin has evolved from an internet meme into a globally recognized cryptocurrency with a large, community-driven culture.