While the biggest meme coin by market capitalization saw a substantial uptick at the start of 2026, it has been on an evident decline over the past few days.
Some analysts think the downtrend might intensify, envisioning a potential 50% crash.
A Further Plunge?
On January 6, DOGE climbed to a local top above $0.15, but since then, the bears have regained control, and it is currently worth around $0.13 (per CoinGecko’s data).
The renowned analyst Ali Martinez paid special attention to the meme coin’s price performance and assumed that if the selling continues, it might find support at $0.06 (a 53% collapse from the ongoing levels). It is worth noting that a drop of that magnitude would mark the asset’s lowest level since November 2023.
The lack of serious interest in the spot DOGE ETF is also bad news for the bulls. Grayscale launched the first such product in the USA late last year, while Bitwise followed suit shortly after.
According to data from SoSoValue, these investment vehicles have attracted less than $7 million in cumulative net inflows to date. The figure is quite disappointing and suggests that big players such as pension funds, hedge funds, and asset managers remain reluctant to hop on the bandwagon.
For comparison, the spot XRP ETFs (which also debuted towards the end of 2025) have generated a cumulative net inflow of over $1.22 billion.
The Bullish Scenario
Contrary to Martinez’s pessimistic assumption, multiple other market observers believe DOGE’s price is on the verge of a major resurgence. X user CryptoPulse outlined three key factors, including strong breakout volume, the formation of an RSI golden cross, and MACD in a bullish zone, to predict that the meme coin might soar to $0.20-$0.21 in the short term.
Bitcoinsensus was even more optimistic. They argued that DOGE’s bull cycle is about to repeat, envisioning a 900% pump to as high as $1.80.
Meanwhile, whales have been on a buying spree lately, which is definitely interpreted as a positive element. X user CEO revealed that large investors have accumulated almost 140 million DOGE (nearly $20 million) in the span of just 12 hours.
Continuous efforts in the field reduce the asset’s circulating supply and could influence a price uptick (should demand remain the same or increase). Additionally, the whales’ actions might attract smaller players, who can distribute fresh capital into the ecosystem.
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