Dogecoin (DOGE) price is dropping amid low weekend buy volumes. The drop comes despite rising inflows to Dogecoin ETFs, which recently reached a record high.
Meanwhile, the number of short-selling accounts is rising, suggesting that some short traders expect DOGE price to drop despite rising demand for the meme coin’s ETFs.
Dogecoin ETFs Record Highest Weekly Inflows Since Launch
Data from SoSoValue shows that the inflows to Dogecoin ETFs in the week between September 21 and September 25 reached $2.89 million. This is the highest weekly inflow recorded by Dogecoin ETFs since they began trading in November 2025.
Most of these inflows came from the Grayscale Dogecoin Trust that recorded $3.48 million in inflows.
In contrast, the 21Shares Dogecoin ETFs recorded outflows of $593,000, while the Bitwise Dogecoin ETF did not record any inflows as it readies to shut down on October 14.
Dogecoin ETFs have now amassed total net assets of $17.03 million since launching in November 2025, with this being 0.11% of Dogecoin’s market cap of $16.6 billion.
The rising inflows coincide with an increase in the value of DOGE from $0.087 on September 21 to briefly touch $0.10 before retreating to trade at $0.097 at the time of writing.
Short Sellers Bet on a DOGE Price Decline
Data from CoinGlass shows that the long/short reading for Dogecoin has remained below 1 since September 19, suggesting that there have been more short accounts than long accounts on Dogecoin for one week.
The long/short reading had also dropped to 0.87 at the time of writing, suggesting that the demand for short positions is rising as traders bet that Dogecoin price will drop.
This dropping ratio suggests that most traders are bearish on the future Dogecoin outlook. However, the increase in long positions also increases the risk of a short squeeze if DOGE does not drop like short sellers expect, and rallies instead.
Dogecoin Price Flashes a Sell Signal
Dogecoin price has created a sell signal on the four-hour chart after the RSI line crossed below the signal line. This move suggests that the bearish momentum is gaining strength.
Dogecoin has also moved below the support at the lower trendline of an ascending channel, with this move also suggesting that the uptrend is becoming weak.
If the downtrend continues, Dogecoin price might drop to test support at around $0.092.
DOGE will confirm a strong uptrend if the price moves above the midline of the falling channel at $0.098. If it moves above this midline, the top meme coin might target the psychological resistance at $0.10.
The CME reading of 0.09 also suggests that the selling pressure is higher than the buying pressure on the four-hour timeframe, and this could push Dogecoin lower.