Dogecoin Price Outlook: DOGE Slides Ahead of SpaceX IPO

Dogecoin (DOGE) continued its downward trend this week, falling 18% between June 1 and June 6 to trade around $0.082. The decline comes despite growing attention around SpaceX’s highly anticipated IPO scheduled for June 12, an event that some investors expected would boost interest in the popular meme coin.

DOGE briefly dropped to $0.07 on June 6, marking its lowest level since February 2024. The sell-off was largely driven by broader weakness across the cryptocurrency market after Bitcoin temporarily fell below $60,000 on June 5. The sharp decline in Bitcoin triggered fear among traders, leading to widespread selling pressure across major digital assets, including Dogecoin.

The connection between Dogecoin and SpaceX dates back to 2021 when Elon Musk announced that a SpaceX moon mission would be funded using DOGE. Because of that association, some market participants anticipated that the upcoming SpaceX IPO could generate renewed demand for Dogecoin. However, recent price action suggests investors remain skeptical about the IPO’s ability to spark a meaningful rally.

Market data also points to declining trader confidence. Dogecoin open interest has fallen significantly from $6.01 billion in October 2025 to just $1.02 billion as of June 6, 2026. Over the last month alone, more than $700 million has left DOGE futures markets, highlighting reduced participation from speculative traders.

Institutional demand appears weak as well. According to SoSoValue data, spot Dogecoin ETFs have recorded no inflows for three consecutive days since June 3. At the same time, sentiment toward meme coins has deteriorated after the total meme coin market capitalization dropped below $30 billion for the first time since January 2026.

From a technical perspective, Dogecoin remains under bearish pressure. The 150-day simple moving average (SMA) is approaching a crossover below the 50-day SMA, a signal often viewed as negative for long-term price momentum. Meanwhile, the Relative Strength Index (RSI) sits at 19, indicating oversold conditions but also reflecting strong selling activity.

If bearish momentum continues, DOGE could retest support near $0.06, a level last seen in 2023. On the upside, any recovery attempt may face resistance around the key psychological level of $0.10. Traders will closely monitor whether oversold conditions attract buyers or if broader market weakness pushes Dogecoin lower in the days following the SpaceX IPO.