Dogecoin Falls 2.6%: What’s Behind the Sudden Price Slip?

Dogecoin (DOGE), the beloved meme coin, has recorded a 2.62% dip over the last 24 hours, bringing its current price to $0.1597. While not a dramatic collapse, this decline reflects increased volatility as the broader market wobbles. DOGE opened the day at approximately $0.1641, briefly surged, and then experienced a steep decline during the evening hours.

The total market capitalization of Dogecoin now stands at $23.78 billion, down by 2.61%. The 24-hour trading volume also dropped sharply by 7.43%, settling at $894.3 million. These figures indicate reduced trading activity and investor caution, possibly fueled by profit-taking or broader crypto sentiment shifts.

Supply Stats and Circulation

Dogecoin’s circulating supply remains steady at 148.86 billion DOGE, which is also its total supply. The meme coin has no maximum supply cap, a detail often debated among analysts due to its potential inflationary impact. The fully diluted valuation (FDV) mirrors its market cap at $23.78 billion, given that all existing tokens are in circulation.

24-hour price chart. Source: CoinMarketCap

Within the last 24 hours, DOGE fluctuated between a low of $0.1577 and a high of $0.1666. Despite today’s dip, it’s important to remember how far Dogecoin has come. From an all-time low of $0.00008547 in May 2015, DOGE has surged an astronomical +186,987.04%. Still, it remains down 78.32% from its all-time high of $0.7376, set in May 2021 during the last bull cycle.

Technical Sentiment and Market Mood

Short-term sentiment seems bearish, especially with declining volume and a lack of strong buying pressure during the pullback. While DOGE has strong community backing and brand recognition, the recent red wave on the chart suggests uncertainty among retail investors.

Unless volume rebounds, sideways or downward movement could continue in the near term. Dogecoin’s price drop today might spook some, but for seasoned traders, it could also signal a chance to accumulate.

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With a massive circulating supply and no hard cap, DOGE’s fundamentals are often driven by hype and community energy. However, if sentiment shifts or broader market momentum returns, DOGE might reclaim higher ground. For now, it’s a waiting game.

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.