Dogecoin (DOGE) price is down 18% between June 1 and June 6 to trade at $0.082 at the time of writing. This drop comes even as Elon Musk’s SpaceX heads into an IPO on June 12, a move that could cause some buy-side pressure because, in 2021, Musk had said that SpaceX would send a satellite to the moon through a mission funded by Dogecoin.
Dogecoin Price Falls to 2024 Lows Ahead of SpaceX IPO
Dogecoin briefly fell to $0.07 on June 6, and that was the first time it had dropped to $0.07 since February 2024. But this drop was not an isolated case because Bitcoin briefly went below $60,000 on June 5, creating panic among traders who started selling across all coins because of fear that prices would go much lower.
In 2021, Musk said that Dogecoin would be used to pay for a moon mission, and because of this link between DOGE and SpaceX, it was expected that the IPO happening on June 12 would make people start buying and push the price.
But DOGE value is not rising even with this IPO being six days away, and the 18% drop that has occurred between June 1 and June 6 suggests low conviction that the IPO will make DOGE rise.
Dogecoin’s open interest has also dropped from $6.01 billion seen in October 2025 to $1.02 billion on June 6. The OI has also lost more than $700 million over the last one month since May 6 2026.
The OI dropping like it is doing now usually shows that there is very little conviction around Dogecoin price, and retail is not participating despite the hype coming from SpaceX raising the highest amount from an IPO with the expected $75 billion raise.
SoSoValue data also shows that institutions are not buying into the hype because spot DOGE ETFs have not seen any inflows for three straight days since June 3.
Retail traders and institutions might also be failing to buy Dogecoin because of concerns that meme coins might be dead after the market cap of all the meme coins dropped below $30 billion for the first time since January 2026.
Dogecoin Nears Bearish SMA Crossover as Selling Intensifies
The long-term Dogecoin price outlook is still bearish because the 150-day SMA is attempting to cross below the 50-day SMA. This crossover means that bears are tightening their grip.
The RSI that has a reading of 19 shows that sellers are still in control, even if it is flashing an oversold signal.
But sellers might still have some juice left because the RSI line is tipping south, and that suggests the bearish momentum is becoming strong.
The support level lies at the 2023 low of $0.06, and Dogecoin might test it if the journey south continues and people continue selling out of fear.
There is an obstacle at the psychological level of $0.10. Bears will test it if the oversold conditions bring buyers back on the optimism that Dogecoin is at a local bottom at $0.08.
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