Dogecoin retreated earlier today, dipping briefly below $0.188 before rebounding towards $0.196. The move caught some traders off guard, but it looks like it may be a short-term retreat rather than the start of a larger sell-off.
Last week’s rally profit-taking and light weekend volume most certainly contributed to the decline, but under the surface, DOGE fundamentals are still in the making of becoming more robust. With new mining backing, ETF sentiment, and whale activity, the overall setup still leans bullish.
DOGE Mining Boost From KuPool
One of the most positive developments this week came from KuCoin, which just launched KuPool, a mining platform that now supports Dogecoin and Litecoin, with Bitcoin next in line. It connects with KuCoin’s KuMining service and allows miners to track hash rate performance in real time.
This matters more than it might seem. KuPool’s launch gives Dogecoin’s Proof-of-Work network a serious credibility boost, attracting more miners and making the chain more secure. It also signals confidence from a major exchange that DOGE isn’t just a meme coin, it’s real infrastructure with staying power.
The next thing to watch is hash rate growth and any future merged mining integrations (like BELLS), which could make DOGE mining even more efficient.
ETF Buzz Heats DOGE Up Again
The market is also watching ETF speculation very closely. Several major players, Grayscale, Bitwise, and 21Shares, have spot Dogecoin ETF applications sitting with the SEC. Analysts now give them nearly 90% odds of approval before year-end.
Meanwhile, the Rex-Osprey ETF ($DOJE) could go live as early as next week. And the fact that 21Shares’ TDOG ETF has already been listed on the DTCC indicates trading might start soon.
If approvals come through, it could be a big deal for DOGE. Institutional money would start flowing in, and a break above $0.20 might quickly trigger a wave of FOMO buying, similar to Bitcoin’s ETF rally earlier this year.
Whale Moves and Technical Picture of DOGE
On-chain data shows that whales have been quietly accumulating, over 1 billion DOGE in September alone. That’s helping to soak up supply even as retail traders take profits.
Technically, DOGE has regained its 7-day SMA ($0.1918) and is testing the 50% Fibonacci retracement ($0.1924).
The RSI (39) remains neutral, but the MACD is showing bearish momentum is running out. Volume, however, is down around 26%, so breakouts could still be fragile until more liquidity returns.
Some analysts also note a possible Wyckoff accumulation pattern, meaning DOGE price might be forming a base before another rally. That said, a death cross between the 50- and 200-day moving averages is pending, which could stand in the way of the next leg higher if volume doesn’t improve.
The Bottom Line
Dogecoin’s dip today looks like a breather, not a breakdown. With KuPool’s mining expansion, ETF optimism, and ongoing whale accumulation, the bigger picture remains bullish.
The key level to watch now is $0.20; reclaim that, and DOGE price could easily retest $0.22-$0.25 in the short term. But if price slips below $0.19 again, the market might see another quick cooldown before momentum returns.
Even on a red day, DOGE continues to prove it’s more than just a meme; it’s quietly building real fundamentals behind the scenes.
Related Content
ChatGPT Predicts $HYPER Will Lead the Next Meme Coin Supercycle, Ahead of PEPE and DOGE