Once celebrated as the internet’s favourite joke-turned-asset, Dogecoin (DOGE) is now trading nearly 87% below its all-time high of $0.7316 recorded in May 2021.
At the time of writing, DOGE was changing hands at around $0.098, reflecting a sharp 7.5% decline in the past 24 hours.
This latest drop has pushed Dogecoin closer to the lower end of its recent trading range, raising fresh concerns about whether sellers still dominate the market.
Zooming out, the broader trend paints an even grimmer picture for long-term holders.
DOGE is down nearly 19% over the past week, more than 34% over the last month, and over 63% yearly.
Such persistent weakness suggests that Dogecoin remains stuck in a bearish cycle with limited signs of immediate relief.
But despite the price decline, 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.
Market sentiment and technical pressure
Technical indicators suggest that Dogecoin is struggling to reclaim key resistance levels that could signal a trend reversal.
Recent attempts to push above the $0.11–$0.12 zone have failed, turning that area into a strong ceiling for price action.
As long as DOGE remains below these levels, any upward moves risk being short-lived relief rallies.
The broader crypto market environment has also played a significant role in Dogecoin’s weakness.
Bitcoin’s recent volatility and risk-off sentiment across digital assets have reduced appetite for speculative tokens like DOGE.
Meme coins tend to outperform during strong bull markets, but they often suffer outsized losses when sentiment turns defensive, as is the case currently.
The SpaceX DOGE-1 mission
One of the few long-term narratives surrounding Dogecoin is the SpaceX DOGE-1 mission, which is now expected to take place in 2027.
The mission, famously funded entirely using Dogecoin, has repeatedly captured market attention whenever it resurfaces in headlines.
However, history shows that such narrative-driven events tend to produce short-lived price spikes rather than sustained rallies.
With the mission still years away, its ability to influence current price action remains limited.
Investors appear increasingly focused on near-term fundamentals rather than distant symbolic milestones.
This shift is evident as Dogecoin fails to respond meaningfully to renewed discussion around the SpaceX mission.
Other meme coins are also struggling
Recent developments in the broader meme coin space offer additional context for Dogecoin’s struggles.
Shiba Inu (SHIB), another major meme asset, has also seen its price fall with its burn rate dropping to zero multiple times in a single week.
That episode highlighted how fragile sentiment can be when key narratives lose momentum.
Much like SHIB’s burn mechanism, Dogecoin’s reliance on hype rather than structural scarcity exposes it to abrupt sentiment reversals.
These parallels underline a broader challenge facing meme coins during uncertain market conditions.
Is a Dogecoin price rebound still possible?
For Dogecoin to stage a meaningful price recovery, several conditions would need to align.
A broader crypto market rebound would likely be the most important catalyst for renewed interest in DOGE.
But until then, Dogecoin appears vulnerable to further consolidation or downside pressure.
While long-term believers may point to Dogecoin’s strong community and brand recognition, price action suggests patience remains essential.
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