Dogecoin price drops 6% as Musk revisits DOGE Moon mission

Dogecoin price plunged 6% over the past 24 hours to trade at $0.1633 as of 2:42 a.m. EST on trading volume that soared 115% to $3.5 billion.

This comes as Elon Musk renewed his vow for a DOGE mission to the moon after tweeting “It’s time” at X, recalling his 2021 promise to send “a literal Dogecoin to the literal moon” via SpaceX’s DOGE-1 mission.

It’s time 😀

– Elon Musk (@elonmusk) November 3, 2025

Musk’s fascination with Dogecoin has continued over the years, with his tweets varying its price several times.

He has continually called DOGE the people’s crypto, supporting the idea that DOGE could become the currency of Mars.

Crypto ETFs advance despite regulatory silence

In another development, Bitwise and Grayscale have announced management fees for their upcoming XRP and Dogecoin ETFs (exchange-traded funds), even though they are yet to receive official approval from the United States Securities and Exchange Commission (SEC).

Bitwise and Grayscale move towards launch #Dogecoin ETF without the green light from the SEC.

Revealing the management fee of 0.35%. pic.twitter.com/Df09i9qnCM

– dogegod (@_dogegod_) November 4, 2025

The decision to list their ETFs without waiting for SEC approval mirrors Grayscale’s recent move with its Solana ETF, which launched despite lacking formal SEC approval.

Grayscale plans 0.35% fees for its XRP and Dogecoin ETFs, according to a recent deposits.

Interestingly, the recent government shutdown and updated regulatory processes have opened an unexpected window for crypto companies to list ETFs without facing the usual SEC procedural delays.

If the ETF launch is successful, it could mark a new era for digital asset investing in the United States, giving crypto companies more room to innovate despite ongoing regulatory uncertainty.

Dogecoin price under sustained bearish pressure

After attempting to reclaim the $0.30 range earlier this year, the DOGE Price has entered a sustained downtrend as it falls below key Fibonacci support levels.

Dogecoin’s recent price action shows the token consolidating below important resistance barriers, signaling sustained bearish momentum across the broader market.

The decline began after DOGE failed to hold support above $0.20, triggering a deeper correction that pushed the price below the 50-day and 200-day simple moving averages (SMA).

Currently, the 50-day SMA is hovering around $0.2205, while the 200-day SMA is positioned at $0.2095. The position of the SMAs confirms that the sellers remain in control.

DOGE is trading near $0.1633, approaching the key Fibonacci retracement level of 0.786 ($0.1714). A prolonged close below this level increases the likelihood of a move towards the critical support zone between $0.14 and $0.15, where buyers had previously managed to absorb strong selling pressure.

Meanwhile, the Relative Strength Index (RSI) on the daily chart is hovering around 31, signaling that DOGE is approaching oversold territory as it continues to see steady bearish pressure.

The Fibonacci retracement structure further highlights that the next potential resistance levels lie near $0.17, followed by $0.205 and $0.22, all of which align with previous breakdown zones and general SMAs.

DOGE price faces further downside risk

Based on the current technical outlook for DOGE/USD, DOGE price remains under intense bearish pressure in the near term.

As the RSI falls below the oversold level of 30, sellers continue to show their strength. Meanwhile, the 50-day SMA is approaching the 200-day SMA, and if it crosses below it, they would form a death cross, which could be a sign of an impending downtrend.

If the bearish momentum persists, Dogecoin could retest the $0.14 support, which would imply a potential 13% decline from current levels.

This comes as Ali Martinez, a popular crypto analyst with over 161,000 followers on X, noted that whales sold over a billion DOGE tokens last week.

More than a billion Dogecoin $DOGE sold by whales last week! pic.twitter.com/pjUwFAqtEM

– Ali (@ali_charts) November 4, 2025

Conversely, a bounce above $0.17 could trigger a short-term recovery towards $0.20 (0.618 Fib level).

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