Dogecoin (DOGE) is poised to close February 2026 in the red, marking a record fifth consecutive month of losses. The meme coin's price has fallen 14% over the last 30 days, with a sharp 8.84% drop in the last 24 hours bringing its price to approximately $0.088. This extends a bearish streak that began in October 2025.
The broader crypto market decline, which saw a 5.5% plunge partly attributed to geopolitical tensions following Israel's military strike on Iran, has erased Dogecoin's recent gains. DOGE, which had briefly reclaimed the psychologically important $0.10 level, was pushed back down as Bitcoin, to which it is correlated, slipped 5.6%.
On-chain data reveals a severe contraction in network fundamentals. According to Santiment, Dogecoin's Price DAA Divergence has hit a two-month low of -46%, indicating network demand is failing to keep pace with price. Daily Active Addresses have collapsed by 78.34%, plummeting from 87,700 in early February to just 19,000, signaling a significant withdrawal of user engagement and retail enthusiasm.
Market structure confirms the bearish pressure. DOGE broke below its 20-day exponential moving average (EMA20) at $0.098, a key near-term support level. Futures markets recorded $736 million in outflows against $659 million in inflows, resulting in a Futures Netflow plunge of 418% to -$77.39 million. This imbalance triggered over $6.5 million in long position liquidations, accelerating the downward price move.
The quarterly outlook remains grim. Dogecoin concluded the last three months of 2025 down 50% and is down 25% in the first two months of 2026. Institutional interest has also failed to materialize, with Dogecoin ETF products struggling, as assets under management remain below $10 million. The combination of weak derivatives, poor ETF demand, and collapsing on-chain activity points to an extended bearish run for the original meme coin.
