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Dogecoin (DOGE) has risen about 2% over the past 24 hours and was trading at $0.086 as of June 8, 2026. The move follows a weekend dip to a multi-year low of $0.077, after which the cryptocurrency recovered.
Crypto analyst Ali Martinez pointed to a large concentration of trading activity around $0.081. He said that over 30 billion DOGE tokens last changed hands at that price level, describing it as “a massive historical cluster of spot exposure,” which he said creates strong psychological and financial support. Martinez added that the concentration of activity makes it difficult for bearish forces to push prices below the threshold.
Blockchain analytics also indicate that large holders have been buying. Purchases exceeded 200 million tokens during the June 4–8 period, alongside signs of growing trader participation in spot markets.
OKX data shows the DOGE/USDT trading pair generated $38 million in volume on June 8. DOGE outperformed XRP, which recorded $30 million over the same period. On that day, DOGE accounted for 5% of total OKX trading volume, ranking eighth among trading pairs, while XRP ranked 13th with a 1.58% share.
Some of the increased trading activity may be linked to speculation around a SpaceX IPO scheduled for June 12. Traders have historically associated heightened buying interest in Dogecoin with Elon Musk’s involvement with both entities.
Martinez described DOGE as being at a “critical structural inflection point.” His technical analysis cites a five-year parallel channel, with $0.081 identified as the lower mid-range boundary and $0.058 as the absolute channel bottom.
In the first scenario, the $0.081 support zone holds, selling pressure is absorbed, and DOGE gradually moves toward upper channel objectives.
In the alternative scenario, worsening macroeconomic conditions could lead to a weekly close below $0.081, which Martinez said could trigger a retracement toward $0.058—an additional 32% downside from the support level.
Martinez also noted that the weekly chart’s RSI is at 35, reflecting weak momentum. He said the indicator has stabilized at that level, which could provide a potential entry point for buyers.
Coinglass liquidation data suggests that $296 million in short positions could be forced to close if DOGE rises to $0.10. The $0.10 area is also described as a major psychological resistance level.
The liquidation heatmap shows an asymmetry in positioning, with substantially more short exposure than long exposure across the current trading range. This setup, according to the data, increases the likelihood of a move toward $0.10 as trading volumes expand.
$0.081 has remained unbroken since February 2024, with DOGE rebounding from that level on three separate occasions during the period. A decisive break above $0.11 would invalidate a descending triangle pattern visible on the weekly timeframe and would support a more constructive long-term outlook.
As of June 9, 2026, DOGE was trading at $0.086. The next upside target highlighted in the analysis is $0.10, while $0.081 remains the key support level to monitor.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
