Dogecoin holds key support level as ETF products record $4.2 million in monthly inflows

Dogecoin was trading at $0.34 on Saturday, testing a key support level while exchange-traded products tracking the meme coin recorded $4.2 million in net inflows during January—the largest monthly increase since such products launched.

The ETF flows come as technical analysts identify a potential bottoming pattern, though dogecoin remains down more than 70% from its 2025 peak of $0.48.

A possible catalyst behind the improving outlook is the steady Doge etf inflow, which has picked up modest momentum in recent weeks.

Fund flow data shows that DOGE linked exchange traded products added over $1.94 million this week following inflows of more than $2.59 million the previous week.

On a monthly basis, Doge etf inflow has climbed to $4.23 million marking the largest monthly increase on record.

In total, these funds have now attracted more than $4.64 million pushing net assets above $10.16 million.

While this represents just 0.04% of Dogecoin’s total market capitalization, the rising Doge etf inflow highlights growing institutional curiosity even as retail participation remains subdued.

Dogecoin price Elliott Wave analysis

On the weekly chart, Dogecoin has trended lower for several months sliding from a November 2024 high of $0.4788 to around $0.14 today.

Price action shows the token trading slightly above the lower boundary of a megaphone formation a structure often viewed as a bullish continuation pattern in technical analysis. Historically, DOGE has rebounded each time it tested this support zone.

At the same time, Elliott Wave analysis suggests additional upside potential. The structure indicates that DOGE has completed the AB, BC, and CD legs and is now entering the DE phase.

If this pattern holds, technical traders expect the ongoing Doge etf inflow to act as a supportive backdrop rather than a primary driver.

Under this scenario, the first upside target sits near $0.3068, the September high. A move to that level would represent a gain of roughly 117% from current prices.

A sustained breakout above that resistance potentially aided by continued Doge etf inflow would open the door to a retest of the $0.4788 level about 235% above current levels.

A decisive move below the lower boundary of the channel would invalidate the Elliott Wave setup and could trigger further downside.

Even if the bullish case plays out, analysts caution that the impact of Doge etf inflow and the broader technical structure is based on the weekly timeframe meaning that any recovery is likely to unfold gradually rather than immediately.