Dogecoin is trading near $0.0926, down about 5.5% on the day after briefly reaching roughly $0.0988. The pullback is notable because it comes immediately after U.S. Dogecoin ETFs recorded their strongest week since launch.
Spot DOGE funds attracted about $2.89 million in net inflows during the week ending Sept. 25, according to SoSoValue data, beating the previous weekly record of roughly $2.59 million.
Yet there is another number investors rarely compare with ETF demand: Dogecoin is constantly creating new supply.
Dogecoin’s protocol pays miners 10,000 DOGE per block, with a new block generated roughly once per minute. That works out to approximately 14.4 million new DOGE every day, or about 100.8 million DOGE per week. At the current price, that weekly issuance is worth roughly $9.3 million — more than three times last week’s record ETF inflows.
Record ETF Demand Still Faces a Supply Test
That does not mean ETF demand is irrelevant. The funds represent a new institutional channel that did not exist through most of Dogecoin’s history, and last week’s flows show that investors are willing to allocate capital to DOGE even while the token remains below its major cycle highs.
But ETF inflows do not operate in isolation.
The Dogecoin network continuously adds new coins to circulation to compensate miners and secure the blockchain. Unlike Bitcoin, DOGE does not have a fixed terminal supply cap. Its issuance rate is limited per block, but it does not eventually fall to zero.
That makes demand growth especially important.
Dogecoin’s recent push toward $0.10 has also been supported by large holders. Analyst Ali Martinez said whales accumulated more than 1.14 billion DOGE, worth roughly $112 million, over about 96 hours while price approached the $0.098 resistance area.
DOGE Still Has to Prove $0.10 Can Become Support
The price action has not yet confirmed that demand is overwhelming supply.
DOGE recently traded above $0.10 before reversing, and the subsequent loss of that level showed that sellers remain active around the psychological barrier.
The immediate setup now centers on roughly $0.098–$0.10.
A sustained move back above that zone would strengthen the case for another test of $0.105 and potentially the earlier $0.11–$0.12 scenario. Failure to reclaim it would leave the $0.09 region as the first important downside area.
Dogecoin’s ETF story is therefore bullish, but not enough by itself. The more important question is whether ETF buyers, whales and broader market demand can consistently absorb the millions of new DOGE entering circulation every day.
