DOGE Dips Below $0.20 — Are Whales Preparing for a Turnaround?

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Dogecoin (DOGE) is showing renewed bearish pressure after slipping 3.35% in the past 24 hours, with the meme coin now trading around $0.1929. Despite the dip, trading volume surged 27.65% to $2.48 billion, suggesting heightened market activity and possibly a tug-of-war between bulls and bears.

At the start of the day, DOGE opened near $0.1989, but downward momentum soon took over, dragging prices to a daily low of $0.1912. The token briefly attempted to reclaim ground above $0.20, peaking at $0.2024, but sellers dominated the session, pushing it back under the key $0.19 range by late afternoon. This move highlights weak short-term buying strength amid broader market uncertainty.

Market Standing and Supply Overview

Dogecoin’s market capitalization currently stands at $29.24 billion, securing its position as the 8th-largest cryptocurrency. Its fully diluted valuation (FDV) mirrors the same figure, reflecting the token’s uncapped maximum supply. DOGE maintains a circulating supply of 151.55 billion coins, and unlike Bitcoin, it has no maximum supply limit, which continues to raise concerns about long-term inflation.

The Volume-to-Market Cap ratio at 8.5% indicates moderately strong liquidity, hinting at active participation from both retail traders and short-term speculators.

Dogecoin Holds Firm as Traders Eye Potential Reversal Above $0.19

Although the short-term sentiment appears bearish, the sharp increase in volume could signal that traders are preparing for a potential reversal. If DOGE can hold above the $0.19 support zone, a recovery toward $0.205 could be possible in the near term.

_{24-hour price chart Source: CoinMarketCap}

However, sustained weakness below $0.19 may invite further selling, possibly testing lower supports. Dogecoin remains far below its all-time high of $0.7376, reached on May 8, 2021, marking a steep 73.84% decline from that peak.

However, the token’s long-term trajectory still impresses, it has surged a staggering +225,650.85% from its all-time low of $0.00008547, recorded on May 7, 2015. For now, Dogecoin’s resilience continues to capture attention, even when the market bites, the “people’s coin” rarely loses its bark.

Lanre Durojaiye

Mr. Durojaiye Olusola is a finance graduate and cryptocurrency writer with over a year of experience providing market insights and clear, well-researched analysis. Dedicated to helping readers understand blockchain trends and digital asset developments.