Dogecoin Crashes 5% in 24 Hours: Will DOGE Rebound Soon?

Dogecoin (DOGE) is experiencing a rough 24 hours. The memecoin is down 5.38%, trading at $0.1751. Earlier, DOGE hit a 24-hour low of $0.1649 before rebounding slightly. The highest recorded price within this period was $0.1852. This dip follows increased selling pressure in the broader crypto market.

Market Cap and Trading Volume Surge

Despite the price drop, DOGE’s market cap remains strong at $25.99 billion, though it fell by 5.35%. Interestingly, trading volume skyrocketed by 122.49% to $2.18 billion. The increased activity suggests heightened investor interest, possibly due to traders capitalizing on the dip.

24-hour price chart. Source: CoinMarketCap

Dogecoin’s all-time high of $0.7376 was achieved on May 8, 2021. Since then, the price has dropped 76.27%, highlighting DOGE’s struggle to reclaim previous levels. However, its all-time low was a mere $0.00008547 in 2015. Investors who held since then have seen a jaw-dropping 204,633.9% gain.

What’s Next for DOGE?

Dogecoin remains one of the most popular cryptocurrencies, backed by a strong community and Elon Musk’s occasional endorsements. The market is volatile and DOGE might see further fluctuations before finding stability.

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A break above $0.185 could signal bullish momentum, while a drop below $0.165 may lead to further corrections. Traders are watching closely, will DOGE rebound or sink further?

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.