Dogecoin (DOGE) value is down 18% between June 1 and June 6 to commerce at $0.082 on the time of writing. This drop comes at the same time as Elon Musk’s SpaceX heads into an IPO on June 12, a transfer that would trigger some buy-side stress as a result of, in 2021, Musk had mentioned that SpaceX would ship a satellite tv for pc to the moon by means of a mission funded by Dogecoin.
Dogecoin Worth Falls to 2024 Lows Forward of SpaceX IPO
Dogecoin briefly fell to $0.07 on June 6, and that was the primary time it had dropped to $0.07 since February 2024. However this drop was not an remoted case as a result of Bitcoin briefly went under $60,000 on June 5, creating panic amongst merchants who began promoting throughout all cash due to worry that costs would go a lot decrease.
In 2021, Musk mentioned that Dogecoin can be used to pay for a moon mission, and due to this hyperlink between DOGE and SpaceX, it was anticipated that the IPO taking place on June 12 would make individuals begin shopping for and push the value.
However DOGE worth shouldn’t be rising even with this IPO being six days away, and the 18% drop that has occurred between June 1 and June 6 suggests low conviction that the IPO will make DOGE rise.
Dogecoin’s open curiosity has additionally dropped from $6.01 billion seen in October 2025 to $1.02 billion on June 6. The OI has additionally misplaced greater than $700 million over the past one month since Might 6 2026.
The OI dropping like it’s doing now often exhibits that there’s little or no conviction round Dogecoin value, and retail shouldn’t be collaborating regardless of the hype coming from SpaceX elevating the very best quantity from an IPO with the anticipated $75 billion elevate.
SoSoValue information additionally exhibits that establishments will not be shopping for into the hype as a result of spot DOGE ETFs haven’t seen any inflows for 3 straight days since June 3.
Retail merchants and establishments may also be failing to purchase Dogecoin due to considerations that meme cash may be lifeless after the market cap of all of the meme cash dropped under $30 billion for the primary time since January 2026.
Dogecoin Nears Bearish SMA Crossover as Promoting Intensifies
The long-term Dogecoin value outlook remains to be bearish as a result of the 150-day SMA is trying to cross under the 50-day SMA. This crossover implies that bears are tightening their grip.
The RSI that has a studying of 19 exhibits that sellers are nonetheless in management, even whether it is flashing an oversold sign.
However sellers may nonetheless have some juice left as a result of the RSI line is tipping south, and that implies the bearish momentum is changing into robust.
The help stage lies on the 2023 low of $0.06, and Dogecoin may take a look at it if the journey south continues and folks proceed promoting out of worry.
There may be an impediment on the psychological stage of $0.10. Bears will take a look at it if the oversold circumstances deliver patrons again on the optimism that Dogecoin is at a neighborhood backside at $0.08.
