NewsletterWhy is Dogecoin Price Crashing Today?
Highlights
- Dogecoin price has crashed over 3% today amid macro events pressure and failure to hold $0.25 support.
- $16.53M in liquidation and rising volatility put downward pressure on DOGE.
- Amid the decline, whales have accumulated over $130 million in DOGE tokens.
Dogecoin price is once again on a downward trajectory, losing over 3% of its value in the last 24 hours. Notably, the decline is part of the longer correction, in which DOGE crashed to a similar level just days ago before recovering on July 28. This has left investors wondering why the foremost meme coin is down again.
Why The Dogecoin Price Is Down 3% Today
DOGE is currently struggling to hold the $0.25 support. Notably, it attempted to flip this level into support three times this month and ended up with a major correction. The same is happening at the press time, as the Dogecoin price stumbled near the $0.2274 despite an earlier recovery.
- Source: CoinMarketCap, Doge Price Chart
Besides this, the decline is a part of the broader crypto market crash, as the macroeconomic conditions and liquidation contradict the rallies. In this, the FOMC meeting on July 30 is playing a significant role, as the odds of interest rate cuts remain extremely low.
Additionally, there’s building volatility on the White House crypto policy report. As a result, $16.53 million has been liquidated in the last 24 hours, and futures open interest has declined nearly 10%. Notably, the crypto market’s sentiment index still puts investors in the greed zone, revealing that this is a momentary phase.
Whales Buy Big With Dogecoin Price Crash
While the liquidation and the broader market correction pulled down the DOGE price, whales went big on buying. Ali Martinez, a crypto analyst, revealed that whales have accumulated over 130 million Dogecoin tokens in the last 24 hours. Trader Edge claimed the number to hit 1.08 billion in the last 48 hours.
- Source, X, Dogecoin Whale Accumulation
The meme coin’s trading volume is up, currently at $2.59 billion, signaling investors’ massive interest in the token despite the dip. Crypto experts claim that there’s a short-term breakout possibility, with the target of $0.24-$0.25 as the key support. However, failure to hold may push it down again, per Dogecoin price predictions.
Frequently Asked Questions (FAQs)
1. What factors played an important role in the Dogecoin price crash?
2. How much DOGE was liquidated in the recent crash?
3. Will DOGE price recover?
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- BlackRock Bitcoin ETF’s Biggest Outflow Ever Sparks Panic, But Kiyosaki Stays Bullish
- Bitcoin Can Rebound Anytime So Long Capital Keeps Flowing In, Says CryptoQuant CEO
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
- XRP, DOGE & ADA Price Outlook: How Low Can These Altcoins Drop Next?
- Ethereum Price Sheds 10% but Lands on the $3,150 Accumulation Base — Is a Buy-the-Dip Bounce Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
