Dogecoin Price Drops as Bitwise Shuts DOGE ETF

Dogecoin (DOGE) price fell on Friday after Bitwise announced plans to liquidate its Dogecoin exchange-traded fund, BWOW, just ten months after the product began trading.

DOGE dropped 1.93% to around $0.083, extending weakness across the broader cryptocurrency market. Bitcoin and Ethereum also moved lower after U.S. producer inflation rose to 5.4%, increasing expectations that the Federal Reserve could raise interest rates.

Bitwise said investors can trade the Dogecoin ETF until October 14, with the fund scheduled for liquidation afterward. Cash proceeds are expected to be distributed to shareholders on October 22. The asset manager did not provide a specific reason for closing BWOW, saying the decision reflects efforts to optimize its product lineup as investor needs evolve.

However, trading data indicates limited demand. Since launching in November 2025, the Bitwise Dogecoin ETF has recorded only one day of positive inflows. The fund currently holds approximately $687,000 in net assets and generated just $5,920 in trading volume on September 10.

Demand has also remained weak across the three U.S.-listed Dogecoin ETFs offered by Bitwise, Grayscale and 21Shares. SoSoValue data shows no positive inflows since September 3, while combined outflows reached $343,000 in September.

Bearish sentiment is also visible in Dogecoin derivatives. CoinGlass data shows DOGE open interest falling from $1.41 billion to $1.26 billion. Long liquidations have exceeded short liquidations for six consecutive days since September 6, adding further selling pressure as traders reduce leveraged exposure.

Dogecoin is now testing crucial support near $0.083. A decisive break below this level could push DOGE toward the psychological $0.080 mark. The Awesome Oscillator remains negative, suggesting bearish momentum is strengthening.

Still, the Relative Strength Index has recovered from 30 to around 35, indicating DOGE may be emerging from oversold territory. If the RSI continues higher and eventually crosses 50, Dogecoin could stabilize above $0.083 and potentially challenge resistance near $0.089.