As Dogecoin (DOGE) fails to show a clear upward trend ahead of Elon Musk's SpaceX listing, interest in a new market trend is growing.

According to CoinGape, Dogecoin fell 18% from June 1 to June 6 (local time) and is currently trading at $0.084 based on CoinMarketCap. On June 6, it dropped to $0.07, recording this level for the first time since February 2024.

This decline comes ahead of SpaceX's listing on June 12. Musk previously stated in 2021 that SpaceX would send a satellite to the moon through a mission funded by Dogecoin. There were expectations that the anticipation of SpaceX's major listing, which aims to raise $75 billion, could drive Dogecoin buying momentum, but the actual price has not risen.

However, this decline is not a phenomenon unique to Dogecoin. As Bitcoin fell below $60,000 on June 5, selling continued across various coins due to fears of further price drops.

Open interest also decreased. According to CoinGape, Dogecoin open interest dropped from $6.01 billion in October 2025 to $1.02 billion on June 6, decreasing by more than $700 million in the month following May 6, 2026. CoinGape analyzed this as a signal of weakening market confidence in Dogecoin's price.

According to a CoinGape report citing SoSoValue data, there was no capital inflow into the spot Dogecoin ETF for three consecutive days after June 3, and institutional investor participation was found to be negligible.

The fact that the total market capitalization of meme coins fell below $30 billion for the first time since January 2026 was also cited as a factor limiting buying momentum.

Technical indicators also suggest a bearish trend. According to CoinGape, the 150-day simple moving average is trending below the 50-day simple moving average, indicating strengthened selling pressure. The Relative Strength Index (RSI) recorded 19, showing an oversold state, but there is a possibility that the downward momentum will continue.

CoinGape sees the support level for Dogecoin at $0.06, the low point in 2023, and analyzed that this level could be tested if the downward trend continues and panic selling occurs. On the other hand, $0.10 serves as a psychological resistance level, and this zone could be challenged if a bottom is formed around $0.08 and the oversold trend attracts buyers.

[This article is absolutely not intended as investment advice. The content may merely be an opinion, so please do not use it as a reference for investment or reflect it as data. All investments are made by individual choice and judgment, and the final responsibility lies with the investor. This publication assumes absolutely no responsibility.]