Dogecoin Price Plummets 12% in 24 Hours: Reasons Behind the Drop
ests. Currently, this moving average stands at $0.22 and is trending upward with each daily close. Kevin believes this support could pave the way for higher prices if DOGE holds near current levels.
Trader Bluntz observed that Dogecoin’s current correction may be complete after a two-week sideways pattern. He reassured his followers that despite waning interest from some traders, the broader upward trend is intact, with a potential target of $1 or higher before significant profit-taking occurs.
Statistics: IntoTheBlock data shows large transaction volume increasing by 41.1% and daily active addresses growing by 34.9%. Coinglass data shows DOGE Derivatives volume is up 5.1% to $15.6 billion, while open interest currently stands at $3.2 billion.
Over the past 30 days, DOGE leads meme coins with a 174.7% gain, outpacing Shiba Inu at 41.4% and Pepe at 98.5%.
Community News: The Dogecoin Foundation announced plans to develop open-source projects and tools that position DOGE as a practical everyday currency. Key initiatives include the Dogebox Decentralized Infrastructure System, designed to help businesses self-host online shops and integrate into decentralized payment networks. It also rewards node-runners when Dogecoin is used locally.
With primary funding from Ethereum co-founder Vitalik Buterin and an anonymous donor, the Foundation seeks major sponsors to advance its 2025 roadmap for creating a free, decentralized payment ecosystem independent of centralized control.
Despite Dogecoin’s recent decline, traders remain optimistic about its long-term prospects, predicting that the meme coin’s parabolic bull run is just beginning. The Dogecoin Foundation’s efforts to build a decentralized, open-source payment ecosystem have garnered attention and support from the community, with key initiatives in place to position DOGE as a practical everyday currency. As the crypto market continues to evolve, Dogecoin’s resilience and community-driven focus may prove to be key factors in its long-term success.
