Dogecoin Falls 10%, Price Is Struggling, But Major Catch Emerges
The post Dogecoin Falls 10%, Price Is Struggling, But Major Catch Emerges appeared on BitcoinEthereumNews.com.
Dogecoin (DOGE), the king of meme coins, has experienced intense volatility, crashing by a significant 10% in the last 24 hours. The meme coin, on a recovery journey toward the $0.235 level, plunged from a peak of $0.226 to $0.2036. Is Dogecoin’s spike in volume strategic accumulation? According to CoinMarketCap data, Dogecoin traders continue to transact despite this price decline, causing a spike in volume. DOGE’s trading volume increased by 39.89% to $2 billion within this time frame. You Might Also Like Investors are treating the drop in price as a potentially needed correction after a brief period of consolidation. This triggered the spike in volume as some accumulate the meme coin in anticipation of a possible breakout in price. This development could support Dogecoin’s crashing price. As more market participants continue to drive up volume, increased demand could help stabilize the price. Strong market participation could signal accumulation, and this sentiment might turn things around for DOGE. However, the volatility on the broader market calls for caution. If Dogecoin slips further and breaches the $0.20 resistance level, a quick recovery might prove difficult. Such development could plunge DOGE into a deeper correction with $0.18 as support. Cautious outlook ahead of DOGE’s June historical weakness As of press time, Dogecoin is exchanging at $0.2046, representing a 10.05% decline. This suggests that the meme coin is staying above the $0.20 support level. DOGE Daily Price Chart | Source: CoinMarketCap Dogecoin investors must remain cautious as they head into June, given the month’s historical records for DOGE. The sixth month of every year has been brutal for Dogecoin, with an average decline of over 7%. You Might Also Like To stand a chance of proving history wrong, the Dogecoin ecosystem needs to increase activity and create buy pressure on DOGE. If Dogecoin…
Filed under: News - @ May 31, 2025 2:21 pm