Dogecoin falls 5.5% to $0.0926 as record ETF inflow trails new supply

ETF inflows and ongoing Dogecoin issuance

Spot DOGE ETFs attracted approximately $2.89 million in net inflows for the week ending September 25, according to SoSoValue data. This figure surpassed the prior record of about $2.59 million, reflecting a surge in institutional investor interest in Dogecoin products.

Despite the demand from ETFs, the Dogecoin protocol continues to generate new supply at a rapid pace. Miners are rewarded with 10,000 DOGE for each block, and a new block is typically added every minute. This mechanism results in about 14.4 million new DOGE entering circulation daily, totaling roughly 100.8 million new tokens weekly. At current prices, this weekly issuance represents around $9.3 million in market value, significantly outpacing last week’s record ETF inflows.

While the launch of DOGE ETFs has created an investment avenue previously unavailable to traditional finance, the current inflows are not yet keeping pace with the protocol’s continuous token generation.

Dogecoin protocol and supply mechanics

The Dogecoin network issues new tokens as a reward to miners, providing an incentive for transaction verification and network security. Unlike Bitcoin, which has a capped supply of 21 million, Dogecoin has no maximum limit. Its inflation is maintained through a set block reward that does not decrease over time, allowing supply to grow indefinitely.

Mini dictionary: SoSoValue, a platform specializing in cryptocurrency and ETF market analytics, provides real-time data on flows and liquidity for digital assets and their associated financial products.

Whales and key price areas

Recent price moves toward $0.10 have been influenced by activity from large holders. On-chain analyst Ali Martinez reported that “whales” accumulated over 1.14 billion DOGE, worth about $112 million, within a 96-hour window as the token approached resistance at $0.098.

Large holders increased their DOGE positions by more than 1.14 billion coins as the price neared $0.098, signaling significant accumulation during this period.

Despite an initial break above $0.10, DOGE lost momentum and slipped below this psychological threshold, indicating that sellers remain prominent at higher levels and demand is not yet outstripping the constant increase in supply.

Key technical levels

Market attention is currently focused on the $0.098 to $0.10 zone. A sustained rally above this range would open up potential for a move to $0.105, and test higher targets near $0.11 to $0.12. Conversely, failure to establish support above $0.098 may shift the focus to the $0.09 level on the downside.

The major test for $DOGE will be whether demand from ETFs, whales, and investors can consistently absorb the high rate of newly minted tokens that enter the market each day.

While the rapid growth in ETF participation reflects increased institutional engagement, analysts stress that this alone may not be sufficient to push the token higher unless combined with sustained broader demand and accumulation from large holders.