Dogecoin (DOGE) has faced a notable selloff in the last 24 hours, trading at $0.2290, down 5.43%. The decline erased gains from earlier in the week as selling pressure intensified. The meme-inspired cryptocurrency failed to hold its $0.2415 opening price and slid below the $0.24 support level.
Market Performance and Trading Activity
DOGE’s market cap has dropped to $34.41 billion, reflecting a 5.53% decline. Despite the price dip, trading activity remains strong with a 24-hour volume of $2.58 billion, showing a 3.97% increase. This indicates that traders are actively buying and selling DOGE, possibly attempting to catch short-term dips or exit positions before further losses.
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Dogecoin’s circulating supply stands at 150.29 billion DOGE, with no maximum cap on issuance. Its high supply volume continues to exert downward pressure during broader market selloffs.
Price Movements and Volatility
Throughout the past day, DOGE hit a low of $0.223 and a high of $0.2375. The price action shows a consistent downtrend, with minor attempts to recover during early trading hours. However, resistance near $0.24 has kept DOGE from staging a meaningful rebound.
DOGE price chart Source: CoinMarketCap
The volume-to-market-cap ratio of 7.54% suggests moderate liquidity. A sharp downward movement combined with high sell-side orders contributed to today’s losses. Dogecoin’s current price is 69% below its all-time high of $0.7376, reached in May 2021.
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Yet, DOGE has delivered astronomical long-term returns since its all-time low of $0.00008547 in 2015, gaining over 265,800%. Despite short-term volatility, many long-term holders remain in profit. If Dogecoin manages to break past $0.24 resistance again, it could attempt to stabilize near that level.
However, failure to sustain buying momentum may push it closer to $0.22, where the next support lies. The recent dip could also attract opportunistic buyers who see this as a discounted entry point, potentially fueling a recovery rally in the coming sessions.
