DOGE Plunges 19.59% Amid Market Downturn Despite 106.5% Surge in Trading Volume

Dogecoin (DOGEUSDT) has experienced a notable price decline over the last 24 hours, primarily driven by the broader cryptocurrency market downturn and negative sentiment following Bitcoin’s recent struggles. Contributing factors include increased volatility, a surge in futures liquidations, and reports citing Dogecoin’s reliance on speculative interest and lack of real-world utility, as highlighted in a recent Nasdaq analysis. Despite heightened market activity and a significant 106.5% rise in trading volume, technical indicators reflect downward momentum and oversold conditions.

Currently, Dogecoin is trading at $0.08362 on Binance, reflecting a 24-hour decrease of 19.59% from the previous open of $0.10399. The 24-hour trading volume is up substantially, ranging from $3.08 billion to $3.56 billion, while the market capitalization is approximately $14.42 billion to $14.83 billion, with a circulating supply of about 168.62 billion DOGE. The asset’s volatility and recent milestones, including the 21Shares Dogecoin ETF launch, have contributed to increased market activity amidst sector-wide declines.