The price of Dogecoin (DOGE) fell 18% between June 1 and June 6 to trade at $0.082 at the time of writing. The decline comes as Elon Musk’s SpaceX company heads to an initial public offering on June 12, a move that could cause some buy-side pressure because in 2021, Musk said SpaceX will send a satellite to the moon through a Dogecoin-funded mission.
Dogecoin price falls to 2024 lows ahead of SpaceX IPO
Dogecoin briefly dropped to $0.07 on June 6, which was the first time it had fallen to $0.07 since February 2024. But this drop was not an isolated case because Bitcoin briefly fell below $60,000 On June 5, it created panic among traders who started selling all the coins due to the fear that the prices would drop too much.
In 2021, Musk said that Dogecoin would be used to pay for the moon mission, and because of this connection between DOGE and SpaceX, it was expected that the IPO that would happen on June 12 would make people start buying and push the price.
but Doji value It does not rise even with this IPO six days later, and the 18% drop that occurred between June 1 and June 6 indicates low conviction that the IPO will lead DOGE to rise.
Dogecoin’s open interest also decreased from $6.01 billion in October 2025 to $1.02 billion on June 6. OI also lost more than $700 million over the past month since May 6, 2026.
The low OI as it usually happens now shows that there is very little conviction around the price of Dogecoin, and retail is not participating despite the hype coming from SpaceX raising the largest amount of an IPO with an expected raise of $75 billion.
SoSoValue data too He appears Institutions are not buying the hype because spot DOGE ETFs have not seen any inflows for three straight days since June 3.
Retail and institutional traders may also fail to buy Dogecoin due to concerns that memecoins may die after the market cap of all memecoins fell below $30 billion for the first time since January 2026.
Dogecoin is approaching a bearish SMA crossover as selling intensifies
the Dogecoin long-term price forecast It is still bearish as the 150-day SMA is trying to cross below the 50-day SMA. This crossover means the bears are tightening their grip.
An RSI reading of 19 shows that sellers are still in control, even if it is issuing an oversold signal.
But sellers may still have some strength because the RSI line is slanting south, which indicates that the downward momentum is strong.
The support level is at the 2023 low at $0.06, which Dogecoin may test if the trip south continues and people continue to sell out of fear.
There is a barrier at the psychological level of $0.10. Bears will test it if oversold conditions bring buyers back to optimism that Dogecoin is at a local low at $0.08.
