Dogecoin is trading around $0.098 after an 87% decline from its May 2021 all-time high of $0.7316. The latest move marks a 7.5% drop in the past 24 hours and leaves DOGE hovering near the lower end of its trading range. It is down nearly 19% over the past week, more than 34% over the last month, and over 63% over the past year.
Trading activity remains elevated, with more than $2.3 billion in DOGE changing hands in the last 24 hours. High volume during a downturn often signals distribution rather than accumulation, reinforcing the bearish narrative. Attempts to reclaim the $0.11-$0.12 resistance zone have failed, turning that area into a ceiling for price action. The broader crypto environment, including Bitcoin’s volatility and risk-off sentiment, has weighed on meme coins like DOGE.
One ongoing narrative is SpaceX’s DOGE-1 mission, now expected to take place in 2027. While the mission is funded entirely with Dogecoin, history shows such narratives tend to trigger short-lived price spikes rather than sustained rallies. Investors appear focused on near-term fundamentals rather than distant milestones, suggesting that a broader market recovery would be needed for a meaningful rebound.
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