Dogecoin's price has fallen below the $0.12 mark, trading at approximately $0.1128, as the cryptocurrency faces ongoing selling pressure. The decline comes amid stagnant demand for Dogecoin ETFs and persistent spot market outflows, with institutional interest remaining low. Data indicates that Dogecoin spot ETFs have not seen significant inflows, with total net assets reaching only $10.15 million as of January 29. The lack of fresh demand from ETFs has left Dogecoin reliant on retail sentiment, while spot market dynamics remain negative. Coinglass data shows $10.88 million in net outflows on January 30, continuing a two-month trend of distribution. The price is now testing a key ascending trendline that has provided support since mid-2024, with a break below potentially signaling a major downturn. The market structure remains bearish, with the price trading below all major EMAs and forming a narrowing wedge pattern.