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Dogecoin (DOGE) Price: Volume Drops 90% Since November 2024 Highs
The price of Dogecoin has taken a significant hit, plummeting over 50% in less than six months. This decline is starkly contrasted by an astonishing 90% drop in daily trading volume since reaching all-time highs in November 2024.
Since then, the once-buoyant cryptocurrency market has turned red, with Dogecoin’s price now sitting at around $0.1572. Market forces behind this downturn are largely attributed to broader economic factors, specifically the recent stock market crash driven by President Trump’s tariff policies.
It is also worth noting that the cryptocurrency market continues to react to these movements, amplified by Dogecoin’s high-beta nature.
As a result of this bearish tilt, several key levels have become crucial in determining the asset’s next move. If support at $0.1660 fails to hold, it may drop as low as $0.1640 or even lower.
On the flip side, a reclaiming of the resistance zone between $0.1720 and $0.1740 would allow for a potential resurgence in bullish momentum.
Furthermore, crypto analyst Trader Tardigrade has drawn parallels with market cycles from 2016 and 2021, when Dogecoin experienced massive price increases. They believe it is possible that DOGE could surge by over 1,500%, reaching as high as $2.1 if historical patterns repeat.
Underpinning this optimistic outlook are fundamental factors such as a strong community behind the cryptocurrency, potential payment utility, and ongoing support from influential figures like Elon Musk. Speculation around integration with X (formerly Twitter) remains a driving force for interest in DOGE.
Additionally, on-chain data from Q1 2025 shows moderate growth in network activity, along with increased whale accumulation during price dips, hinting at confidence among larger investors.
For short-term traders, key levels to monitor include $0.168 and $0.155, as they would confirm upside continuation or a breakdown risk level respectively.
Source: https://blockonomi.com/dogecoin-doge-price-volume-drops-90-since-november-2024-highs/
