Dogecoin (DOGE) climbed 5.19% to $0.1093 on Monday, with a 24-hour trading volume of $2.29 billion, down 5.03% from the previous session, according to CoinMarketCap data.

Over the past week, DOGE has declined 10.75%, reflecting ongoing market pressure. The cryptocurrency has been trading within a defined price range, holding critical support levels that have repeatedly prevented further downside.

The recent upward move follows a liquidity sweep near early February, which analysts say may have cleared weaker positions and set the stage for consolidation. Market participants are closely watching these levels for signs of a potential rebound or further weakness.

Dogecoin Remains in Prolonged Consolidation Phase

In X post, Crypto analyst Umair Crypto highlighted that Dogecoin remains in a prolonged consolidation phase after a sharp sell-off. According to his chart analysis, DOGE has completed an accumulation phase, followed by controlled distribution, and now appears to be entering a potential re-accumulation phase.

“Price compression and higher lows indicate strong positioning by larger players,” Umair Crypto explained. “If DOGE maintains support around $0.109, a recovery toward $0.13–$0.15 is possible. Failing to hold this level would leave the downside risk open.”

This cycle includes a classic liquidity sweep below support, which often precedes trend changes. Analysts caution that market direction, liquidity, and investor sentiment will remain decisive factors in the near term.

Dogecoin ETF Launch Sparks Investor Interest

Investor sentiment received a structural boost with the launch of the first U.S. Dogecoin-backed spot exchange-traded fund (ETF). The product, introduced by 21Shares in collaboration with House of Doge, received approval from the U.S. Securities and Exchange Commission (SEC), allowing DOGE exposure through regulated brokerage accounts without the need for direct custody.

Historically, spot cryptocurrency ETFs, such as those for Bitcoin and Ethereum, have drawn significant capital inflows in their early trading weeks. Analysts say the ETF could attract institutional investors to Dogecoin, potentially stabilizing price and liquidity.

While DOGE remains volatile, the approval represents a milestone for meme-based cryptocurrencies, marking growing regulatory acceptance and wider market legitimacy. The cryptocurrency, originally launched as a satirical project in 2013, has evolved into one of the largest digital assets by market capitalization, supported by an active global community.

Also Read | Dogecoin (DOGE) Hits Multi-Month Low as Price Approaches $0.10 Support

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Filed under: Bitcoin - @ February 3, 2026 12:00 am