Dogecoin (DOGE) has faced some selling pressure over the past week, dropping 1.53% to $0.2560. Market cap slid slightly to $37.89 billion, reflecting a 0.30% decline. Despite the dip, trading activity surged as 24-hour volume jumped 49.66% to $2.05 billion, showing that DOGE still commands attention.
Price Swings and Market Sentiment
DOGE traded between $0.2489 and $0.267 in the last 24 hours, reflecting ongoing volatility. The token briefly pushed above $0.26, but resistance proved too strong. If DOGE can break past $0.27, a bigger rally could follow. However, if bears dominate, the price may test $0.24 support levels.
7-days price chart- source: CoinMarketCap
While DOGE has gained significantly over the years, it remains 65.32% below its all-time high of $0.7376 from May 8, 2021. On the flip side, compared to its all-time low of $0.00008547 in 2015, DOGE has skyrocketed by 299,193.47%, proving its long-term potential.
What’s Driving Dogecoin’s Movement?
Despite the price dip, DOGE’s increased trading volume suggests ongoing investor interest. Market-wide movements and meme coin hype often dictate Dogecoin’s direction. Additionally, Elon Musk’s X (formerly Twitter) influence and potential DOGE integrations keep speculation alive.
Related article: Dogecoin Drops to $0.2: Will Whales Trigger a Breakout?
With 148.02 billion DOGE in circulation and an unlimited max supply, inflationary concerns persist. However, DOGE remains one of the most actively traded cryptocurrencies, ensuring strong liquidity.
Will DOGE Recover or Drop Further?
DOGE needs to break $0.27 resistance to push toward $0.30. A rally above this level could trigger further gains. However, if selling pressure continues, DOGE may revisit $0.24 or lower before stabilizing.
Related article: Dogecoin (DOGE) to $20? Analysts Predict a Staggering 7,900% Surge – Here’s Why
Final Thoughts: Dogecoin remains a high-risk, high-reward asset. While it has lost momentum recently, strong trading volume hints at a possible rebound.
The next few days will determine whether DOGE regains strength or continues to drift lower. Will the meme coin roar back, or is the hype cooling off? Stay tuned.
