Dogecoin Price Rises as Bitwise Plans DOGE ETF Closure

Dogecoin (DOGE) emerged as the strongest performer among the ten largest cryptocurrencies by market capitalization, gaining 1.3% over 24 hours to trade at $0.086. The modest recovery comes despite Bitwise preparing to close its Dogecoin exchange-traded fund (ETF) on October 14 amid disappointing investor demand.

The Bitwise Dogecoin ETF, trading under the ticker BWOW, launched in November 2025 but struggled to attract significant institutional investment. Bitwise CEO Hunter Horsley described the upcoming closure as "tragic," highlighting the disconnect between traditional ETF investors and cryptocurrency traders.

According to Horsley, investors using ETF products have shown little interest in gaining Dogecoin exposure through regulated funds, although he believes demand could improve over time.

Data from SoSoValue shows that BWOW has recorded no fresh inflows since August 24, with only one positive inflow session since its launch. Meanwhile, the broader Dogecoin ETF market has attracted no new inflows since early October, reinforcing concerns about weak institutional appetite.

Beyond ETF demand, Dogecoin's derivatives market is experiencing declining activity. CoinGlass data indicates that DOGE open interest dropped from 16.57 billion tokens on October 8 to 15.18 billion, representing a decrease of 1.39 billion DOGE within two days.

The contraction suggests traders are reducing leveraged positions as market uncertainty persists. Dogecoin has also experienced more than $35 million in liquidations since October 7, with bullish traders accounting for most losses.

Despite these challenges, technical indicators suggest a potential Dogecoin price recovery toward $0.092.

DOGE recently filled a fair value gap (FVG) created during its October 8 decline from $0.087 to $0.082. The cryptocurrency has subsequently climbed above the gap's midpoint and is testing that level as support.

Maintaining this support could strengthen bullish momentum and open the door for a move toward $0.092, corresponding to the midpoint of another fair value gap.

The Awesome Oscillator (AO) shows shrinking green histogram bars below zero, suggesting bearish momentum may be weakening. However, the Relative Strength Index (RSI) continues to indicate limited buying strength.

For Dogecoin to sustain its recovery, stronger trading demand and improved market sentiment will likely be necessary. Otherwise, declining derivatives participation and persistent selling pressure could limit further price gains.