Dogecoin (DOGE) price is facing substantial selling pressure, dropping 7% to $0.2301, its lowest level since November 2024.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
Dogecoin price DOGE $0.17 24h volatility: 1.0% Market cap: $24.81 B Vol. 24h: $820.15 M has come under strong selling pressure recently dropping another 7% today and moving all the way to $0.2301 today. The overall on-chain metrics also show the lack of strength among the bulls in order to continue with the momentum ahead.
According to crypto analyst Ali Martinez, Dogecoin’s (DOGE) network activity has plunged to its lowest levels in nearly four months.
Recent metrics reveal that the meme-inspired cryptocurrency recorded only 66 whale transactions and fewer than 60,000 daily active addresses, signaling a significant slowdown in network engagement. This decline in activity raises concerns about waning interest in the Dogecoin ecosystem amid broader market fluctuations.
Source: Santiment
This is the first time since November 2024 that the DOGE price has been trading at these levels. Furthermore, CoinGlass data shows that DOGE futures open interest has dropped 3.9% to $2.15 billion and the 24-hour liquidations have shot to $9.23 million of which $8.62 million is in long liquidations. Also, the daily trading volume is up by 60% to more than $1.23 billion.
Despite the Dogecoin price heading to the south, top market analysts and traders continue to be hopeful of a potential recovery ahead. Popular crypto analyst Ali Martinez reported that as long as DOGE stays above the support level of $0.19, it can continue its rally all the way to $4.
The only way #Dogecoin $DOGE goes parabolic is if it holds this key support level! pic.twitter.com/TfO83PmWTp
— Ali (@ali_charts) February 21, 2025
Another popular crypto market analyst Trader Tardigrade reported that Dogecoin price is nearing the completion of its fourth falling wedge pattern. DOGE is on the brink of completing its fourth falling wedge, a technical pattern often associated with bullish breakouts. Historically, Dogecoin has delivered impressive gains following the resolution of such patterns:
Source: Trader Tardigrade
If the current pattern follows the trend, DOGE could be set for another significant upward move, sparking excitement among traders and investors alike. Dogecoin (DOGE) is attracting attention as analysts forecast a potential 200% surge, fueled by growing speculation around the approval of a Dogecoin exchange-traded fund (ETF).
With the US Securities and Exchange Commission (SEC) currently reviewing multiple Dogecoin ETF applications, traders and investors are bracing for a possible major rally. Grayscale Investments, CoinShares, and WisdomTree have submitted proposals for a Dogecoin ETF, seeking to offer investors regulated exposure to the popular cryptocurrency. The SEC has officially acknowledged Grayscale’s filing, marking the start of a formal review process.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
