Dogecoin (DOGE) faced intense selling pressure this week, tumbling 18.32% to trade at $0.164 as of writing. The decline highlights weak sentiment across the broader crypto market, despite an 87.84% surge in 24-hour trading volume to $3.9 billion. This spike in volume indicates heavy trading activity, mostly from short-term sellers taking profits or cutting losses.
DOGE Fails to Hold Key Support
At the start of the week, DOGE traded near $0.1998, but bearish momentum quickly took over. Prices dipped below $0.18 by midweek, with brief recovery attempts failing to reclaim higher ground. The lowest price recorded this week was $0.1611, while the highest stood at $0.1752.
This persistent downward trend pushed DOGE closer to a psychological support zone around $0.16. A break below this range could lead to further losses, especially if Bitcoin and major altcoins continue their correction.
Source: CoinMarketCap
Dogecoin’s market capitalization fell 6.12% to $24.86 billion, ranking it #9 among cryptocurrencies. Its fully diluted valuation (FDV) mirrors that figure, given its unlimited supply model. Meanwhile, the volume-to-market cap ratio climbed to 15.71%, reflecting increased short-term trading rather than long-term accumulation.
Related article: Dogecoin 24 Hours Price Analysis: DOGE Holds $0.255 After Breaking Out of Downtrend Channel – What’s Next?
Despite the drop, Dogecoin maintains a circulating supply of 151.63 billion DOGE, with no maximum supply cap, a factor that continues to drive inflationary concerns. Investors remain cautious, as sustained inflation in token supply often suppresses price growth over time.
DOGE in Perspective: Still Up Over 190,000% From All-Time Low
Dogecoin remains far below its all-time high of $0.7376, set on May 8, 2021, and is down 77.76%. However, from its all-time low of $0.00008547 in May 2015, the meme coin is still up an astounding 191,839.94%, a reminder of its long-term volatility and explosive history.
Dogecoin’s sharp 7-day decline signals growing uncertainty among traders. Unless buying pressure strengthens soon, DOGE may test lower supports near $0.16. Still, its resilient community and consistent trading volume show that Dogecoin remains far from losing its charm, though it was less “wow” this week.
