Dogecoin Plunges 7% as Risk Appetite Evaporates – Meme Coin Feels the Squeeze
Dogecoin''s rocket sled hits a speed bump—the meme-inspired cryptocurrency tanks 7% as traders ditch riskier assets. No ''to the moon'' today.
When the going gets tough, the tough dump DOGE first
The original joke currency isn''t laughing now. With global markets flipping risk-off, speculative assets are getting crushed—and Dogecoin''s 7% nosedive proves even internet-beloved tokens can''t defy gravity forever.
Traders circle back to ''serious'' coins (whatever those are)
While Bitcoin maximalists smugly adjust their hedges, DOGE holders learn the hard way: when liquidity gets scarce, the market punishes assets whose fundamentals include Elon Musk tweets and Shiba Inu memes. Welcome to grown-up crypto winter—where only the strong (or utility-backed) survive.
Price Action
The sharpest sell-off came during the 15:00–16:00 window, where Doge saw nearly 700 million units traded as price dropped below key support. Buyers stepped in at $0.164, lifting DOGE into a range between $0.168 and $0.171.
Late-session trading showed price stabilizing above $0.170, with a bullish push at 01:21 sending DOGE to $0.1719 before fading. Price action since has traced a descending triangle with lower highs forming against flat support.
Technical Analysis Recap
- DOGE fell from $0.176 to $0.164, a 6.7% drop, before finding support.
- Most intense selling hit during 15:00–16:00 with volume nearing 700M.
- Support formed at $0.164, followed by consolidation between $0.168–$0.171.
- Bullish push at 01:21 hit $0.1719 but was quickly rejected.
- Volume declined sharply in the final hours, with most candles under 3M.
- Descending triangle pattern formed, with resistance at $0.171 and support at $0.1705.
Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
