The post Why Is Dogecoin Price Crashing 5% Today? appeared on BitcoinEthereumNews.com.

Dogecoin (DOGE) price experienced a major 30% price decrease during the last month when it reached its $0.47 peak value in November 2024. Market bearishness, together with the industry-wide cryptocurrency market correction, remains responsible for this decrease. The market has induced considerable selling pressure, which has caused the DOGE price to fall below its vital $0.20 support threshold. A potential market recovery exists because the approval of a DOGE exchange-traded fund (ETF) remains uncertain. The market remains under bearish pressure which leads to uncertainty about the behavior of the price for DOGE. The following months will decide if the altcoin succeeds in recovering its previous market strength. Here is Why Dogecoin Price is Crashing By 5% Today? Dogecoin experienced a 5% price decrease throughout the last 24-hour period. The price of Dogecoin maintains $0.16 at present, although it reached its all-time high of $0.47 in November 2024. The declining price demonstrates a bearish market trend for Dogecoin along with its weekly market depreciation. The cryptocurrency’s price follows a pattern of enormous price swings, which social media reactions on X (formerly Twitter) significantly affect together with public endorsements by celebrities. Dogecoin’s value frequently changes due to high-level endorsement statements by Elon Musk along with social media activities. Wide forces in the cryptocurrency marketplace tend to direct changes in its market value. Dogecoin recently dropped after its price soared from a bull market in late 2024. The price of DOGE reached new heights when the U.S. election produced hype about Trump and his corresponding discussions. The market’s attitude shifted when Dogecoin prices fell to half their value reached in November of last year while investor selling activity intensified. The present value of global crypto market capitalization amounts to $2.75 trillion despite a minor decrease of 0.49% over the day. The market volume…

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Filed under: News - @ March 22, 2025 9:25 am