Dogecoin (DOGE) has suffered a major downturn this week, falling 34.7% over the past seven days and trading around $0.16 at the time of writing, according to CoinMarketCap. The memecoin’s decline accelerated in the last 24 hours as the broader crypto market faced heavy liquidations, with Bitcoin crashing below $107,000 and over $5 billion in leveraged positions wiped out.
DOGE’s market capitalization dropped 31.8% to $25.57 billion, while trading volume surged 81.4% to $5.84 billion, indicating intense volatility and panic-driven selling. The token briefly dipped below $0.16, marking its lowest point in several weeks after failing to hold the $0.20 support.
Despite the decline, some analysts note that the increased trading activity may signal speculative accumulation at lower levels. However, Dogecoin remains at risk of further downside if Bitcoin continues to weaken.
If market sentiment stabilizes, DOGE could attempt to reclaim $0.18–$0.20, but failure to recover quickly may open the door to a retest of $0.14, a key support level last seen during late August’s correction.