Dogecoin price hits crucial support as demand for Wall Street ETF disappears
July 18, 2026
recent inclusion of Dogecoin in T. Rowe Price’s actively managed cryptocurrency ETF, the demand for the meme coin has not seen a significant boost in the market. This lack of fresh capital inflows into U.S. Dogecoin ETFs between June and July has contributed to a 3.17% drop in Dogecoin price to $0.071 on July 17.
Despite the exposure gained through T. Rowe Price’s new active crypto fund, which added Dogecoin alongside other major digital assets such as Bitcoin and Ethereum, the meme coin failed to attract new investments to the ETF products during this period. The market data from SoSoValue revealed that the net outflows from these funds amounted to $871,000 in July, indicating a lack of investor interest in Dogecoin despite the growing adoption of cryptocurrencies.
The decline in Dogecoin price following its peak at $0.156 in January has led to a decline of approximately 54%, bringing the token back to a crucial support level where buyers have historically stepped in to defend its value. The broader meme coin sector has also experienced a sell-off amounting to $1.2 billion, highlighting the overall bearish sentiment in the market towards these assets.
One of the key factors affecting the demand for Dogecoin is the failure of T. Rowe Price’s entry into the cryptocurrency market to generate significant interest from both retail and institutional investors. Although the asset manager allocated a small percentage of its $1.8 trillion portfolio to Dogecoin, with a weighting of 1.28% representing roughly 2.6 million $DOGE valued at $192,000, the impact on the overall market demand for Dogecoin has been limited.
Eric Balchunas, an analyst from Bloomberg ETF, described T. Rowe Price as a traditional stock picker, attributing the decision to include Dogecoin in its ETF alongside more established cryptocurrencies as a move to provide the meme coin with a level of recognition within Wall Street circles. However, this recognition has not translated into significant capital inflows or renewed interest in Dogecoin among investors.
The technical analysis of Dogecoin’s price movements shows a descending triangle pattern on the daily chart, with a series of lower highs pressuring the price towards a critical horizontal support level at $0.071. Unless Dogecoin breaks above the falling trendline and the resistance level at $0.0755, the bearish trend is likely to persist, as indicated by the momentum readings on the charts. A confirmed close below the range floor at $0.0711 could signal further downside towards support levels at $0.070, $0.068, and $0.065.
In conclusion, despite its inclusion in T. Rowe Price’s actively managed cryptocurrency ETF, Dogecoin’s price remains under pressure as demand from investors fails to materialize. The lack of fresh capital inflows into Dogecoin ETFs and the broader sell-off in the meme coin sector point to a challenging market environment for these assets, with key technical indicators suggesting further downside potential in the short term.
