Dogecoin Price Prediction as DOGE ETF Inflows and Open Interest Fall

Dogecoin (CRYPTO: DOGE) has traded within a narrow range this month as demand appears to be fading in the ETF and futures markets. After climbing to $0.1056 in September, the token has pulled back to $0.09400 today. On a more positive note, DOGE has formed a bullish chart pattern, which suggests a rebound could be possible.

DOGE ETF Inflows and Open Interest Have Slipped

Third-party data shows that demand for Dogecoin has continued to fall recently, likely as investors focus on other better-performing coins like Worldcoin and Near Protocol.

Spot Dogecoin ETFs added just $3.16 million in inflows in September. In contrast, the Grayscale Zcash (CRYPTO: ZEC) ETF added $245 million, while the spot XRP (CRYPTO: XRP) funds added $121 million in the same period. This trend is a sign that these funds are not seeing strong demand among American retail and institutional investors. 

The same trend is happening in the futures market, where Dogecoin’s futures open interest has dropped to $1.45 billion from the September high of $1.65 billion. The open interest peaked at over $6 billion in September last year. 

Meme coins have lost favor among investors in the past few months as many of them have rotated to other areas. For example, privacy tokens like Zcash and Midnight have soared this year, with the former becoming the ninth-biggest cryptocurrency in the world.