Dogecoin price dropped 7% after inflation data and market-wide selloff spooked traders.
ETF approval odds rise, but bulls failed to defend the $0.19 support level.
DOGE gains traction in DeFi via Base network integration despite bearish futures sentiment.
Dogecoin — DOGE, has tripped on the crypto runway again. Even with bullish chatter about a DOGE ETF, price dropped over 7% and dipped below $0.19. This slip comes as inflation data rattled the market, triggering wider crypto selloffs. Traders expected a win from the CPI report, but reality bit harder. Despite speculation of ETF approval and rising DeFi utility, Dogecoin bulls seem stuck in neutral. So, why aren't they stepping on the gas?
https://twitter.com/TATrader_Alan/status/1932986950610530392 CPI Surprise Triggers Sell Pressure
Dogecoin faced the brunt of market pressure after the May inflation report went public. CPI climbed to 2.4%, slightly missing analysts’ forecast of 2.5%. Core CPI also underwhelmed at 2.8%. On paper, that sounds like relief. But here's the twist—this was the first CPI uptick since January. That subtle rise sparked fears of sticky inflation. Traders immediately dialed down their bets on a Federal Reserve rate cut. The odds fell to zero. Eyes now shift to the June 18 FOMC meeting. What Powell says there could ripple through every crypto chart.
Dogecoin felt the chill fast. Daily trading volume plunged 16%, dropping to $1.36 billion. Futures open interest also slid over 5%, landing at $2.08 billion. That’s not just numbers—it’s a mood. Traders lost confidence and backed away, waiting for clearer signs. From a technical standpoint, DOGE needs to reclaim $0.19 soon. Failure there could open the gates to $0.12. That’s a dangerous cliff, and the bulls know it.
ETF Buzz, DeFi Dreams, and Institutional Shadows
Despite the storm, Dogecoin’s name keeps making rounds on ETF rumors. According to Polymarket data, there’s now a 69% chance the SEC greenlights a DOGE ETF by 2025. That’s not smoke. That’s serious speculation. Such an approval could spark institutional flows and fuel a wave of adoption. But bulls haven’t moved yet. Maybe they're waiting for the ink to dry. Maybe they’re just tired of broken promises.
Coinbase’s Base network also threw DOGE a lifeline. Wrapped DOGE is now part of DeFi ecosystems in a bigger way. That shift boosts utility and long-term value. Yet, prices barely blinked. Large wallets have started to accumulate DOGE around key zones. That hints at quiet confidence among big players. Retail traders, though, remain wary. The divergence between whales and individuals keeps growing.
Bulls hold strong pieces, but hesitate to play bold moves. Sentiment splits the crowd. Confidence rises on paper, yet fades on the charts. Dogecoin sits at a strange crossroads. On one side, there’s promise—ETF hope, growing DeFi use, and institutional hints. On the other, there’s pressure—CPI fears, weak volume, and bearish charts.
