Dogecoin Drops 12% In A Day: What Is Going On?

Dogecoin (CRYPTO: DOGE) is down 11.5% over the past 24 hours, yet traders remain optimistic about its long-term prospects.

What Happened: Despite ‘Dogecoin superfan’ Elon Musk on Monday humorously tweeting that "DOGE is inevitable," the apex meme coin has found itself at the receiving end of a market correction.

@DOGE is inevitable pic.twitter.com/4AaEr0Sev6

— Elon Musk (@elonmusk) November 25, 2024

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin (CRYPTO: DOGE)	$0.3785	$55.6 Billion	-11.2%	-2%
Shiba Inu (CRYPTO: SHIB)	$0.00002404	$14.2 Billion	-7.5%	-4.9%
Pepe (CRYPTO: PEPE)	$0.00001808	$7.6 Billion	-10.6%	-11.2%

Trader Notes: Crypto trader Kevin highlighted that during Dogecoin's previous bull market, DOGE maintained support above the 50-day moving average through multiple tests.

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.

current $doge wave 4 looks done here.

has been in an upwards sideways running flat correction for 2 weeks now and plenty of people have gotten bored and moved on to chase the next shiny thing.

in reality the doge parabola has only just started, no profit taking until $1 minimum… pic.twitter.com/pU64QUujHq

— Bluntz (@Bluntz_Capital) November 26, 2024

Statistics: IntoTheBlock data shows large transaction volume increasing by 41.1% and daily active addresses growingw 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.

Read Next: 

• Dogecoin Is ‘Harder Money’ Than Bitcoin, Says Raoul Pal: Here’s What The Numbers Say

Image: Shutterstock

Read more...