DOGE Slides 4% in 7 Days: Is a Rebound Coming?

Dogecoin (DOGE) closed the past seven days with a decline of 4.16%, landing at $0.1759. The once high-flying meme coin faced notable selling pressure despite slight recoveries midweek. DOGE had kicked off the week trading at approximately $0.1839 before dipping as low as $0.1728, reflecting the market’s uncertainty.

Volume Plummets While Market Cap Shrinks

Trading volume fell drastically. In the past 24 hours alone, DOGE saw only $915.96 million in volume, marking a 25.69% drop. Market cap followed suit, slipping by 1.11% to $26.23 billion. Notably, Dogecoin remains strong, with a circulating supply of 149.06 billion DOGE and no maximum supply cap.

7-day price chart. Source: CoinMarketCap

Its fully diluted valuation mirrors the market cap at $26.23 billion, underlining its inflationary nature. A brief price surge around April 26 gave traders a glimmer of hope as DOGE spiked toward $0.19. However, the momentum faded almost instantly.

The resistance proved too strong, and the price slumped again, spending the rest of the week below $0.18. Volatility remained constant, with minor swings, but no sustained breakout.

Long-Term Holders Still in Profit

Despite this week’s dip, long-term believers are deep in the green. Dogecoin’s all-time low of $0.00008547, recorded on May 7, 2015, represents a stunning 206,054.62% increase in today’s price. On the other hand, DOGE is still down 76.11% from its all-time high of $0.7376, reached on May 8, 2021. Short-term holders may be frustrated, but those who entered early are still reaping the rewards.

Dogecoin appears to be stuck in a sideways trend, with occasional failed breakout attempts. A recovery above $0.18 could set the stage for more upside, but with trading volume declining, buyer conviction is weakening. Until fresh momentum or news drives a shift, DOGE may continue to hover in its current range.

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Dogecoin remains resilient but under pressure. While the recent decline shows cracks in short-term sentiment, its meme-driven community and historic returns keep it relevant. Still, without stronger volume or a narrative shift, a big rebound remains uncertain.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.