Dogecoin (DOGE) Price: $296M Short Squeeze Brewing as DOGE Flips XRP in Trading Volume

TLDR

• DOGE is up 2% to $0.086, flipping XRP in trading volume on OKX with $38M vs XRP’s $30M.
• Whales bought over 200 million DOGE tokens between June 4–8, according to analyst Ali Martinez.
• The $0.081 support level has held for 28 months; losing it could push DOGE down to $0.058.
• Nearly $296 million in short positions face liquidation if DOGE reaches $0.10.
• Martinez outlines two scenarios: a rebound to higher targets, or a further 32% drop to $0.058.

Dogecoin has gained 2% in the last 24 hours, trading at $0.086 on June 8, 2026. The move comes after the coin slid to a multi-year low of $0.077 over the weekend before bouncing back.

Analyst Ali Martinez posted a chart on X noting that over 30 billion DOGE tokens were last transacted at the $0.081 price level. He described this as “a massive historical cluster of spot exposure, creating strong psychological and financial support.” That cluster, he says, makes it harder for sellers to push the price below this zone.

On-chain data shows whales have been accumulating, with more than 200 million tokens purchased between June 4 and June 8. Increased interest from traders is also showing up in spot volume data.

On the OKX exchange, the DOGE/USDT pair recorded $38 million in trading volume on June 8. That put DOGE ahead of XRP, which posted $30 million. DOGE made up 5% of all OKX volume that day, ranking eighth among all pairs, while XRP ranked 13th with a 1.58% share.

Some of that increased volume may be linked to anticipation around the SpaceX IPO scheduled for June 12, which traders have historically associated with buying pressure in Dogecoin due to Elon Musk’s involvement.

Two Scenarios From Analyst Ali Martinez

Martinez framed DOGE as sitting at a “critical structural inflection point.” He pointed to a five-year parallel channel on the chart, with $0.081 sitting at the lower mid-range boundary and $0.058 as the absolute channel floor.

Under his first scenario, the $0.081 support holds, supply gets absorbed, and DOGE works its way back toward higher channel targets. Under the second, if macroeconomic conditions worsen and DOGE closes a weekly candle below $0.081, he expects a reset lower toward $0.058 — a further drop of about 32%.

The RSI on the weekly chart sits at 35, which shows momentum is still weak. However, the indicator has paused its decline at that level, which could give buyers a window to step in.

Short Squeeze Potential at $0.10

Coinglass liquidation data shows $296 million in short positions would be forced to close if DOGE reaches $0.10. That level is a key psychological resistance point.

There is a clear imbalance in the liquidation map, with far more short exposure than long exposure in the current price range. This setup makes a move toward $0.10 more likely as volumes rise.

The $0.081 support level has held since February 2024, and DOGE has bounced from it three times in that time. Breaking above $0.11 would invalidate the descending triangle pattern on the weekly chart and open a longer-term bullish outlook.

As of June 9, 2026, DOGE is trading at $0.086, with the $0.10 level as the next key target and $0.081 remaining the critical floor to watch.

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