Dogecoin Falters as Investors Lose Interest in $DOGE
Dogecoin Falters as Investors Lose Interest in $DOGE
While the meme coin supercycle is kicking into high gear with thousands of new token launches daily, some of the biggest coins in this sector are falling behind. Dogecoin ($DOGE), the leading meme coin by market cap, is down 18% in the past week and has seen trading volume slow to a trickle.
That begs the question, where is Dogecoin headed for this bull run, and should investors focus their attention and capital on emerging meme coins with possibly more potential?
Dogecoin’s Price Woes
Dogecoin’s price woes haven’t been the result of a specific catalyst. Instead, they represent a more worrying trend—long-term $DOGE holders and whales are simply losing interest in the Dogecoin network.
Analysis indicates that open interest in Dogecoin has fallen from $5.41 billion earlier this year to just $2.21 billion in late February, a decline of 60%. At the same time, there have only been 66 whale transactions over $1 million during the month of February, the lowest since November 2024.
Trading Volume Plummets
Trading volume, which peaked at over $11.5 billion in early February, is down to $1.8 billion today—an 85% decline. This looks even worse when considering Dogecoin’s performance on longer timescales. Just last November, during the excitement around President Trump’s election, $DOGE trading volume was approaching $40 billion per day.
Analysts Eye the Dogecoin Chart with Caution
The token has been falling with December, and it’s still far from a strong support level. From its current price level of $0.21, it looks like $DOGE could fall all the way to $0.14 before hitting bottom—a potential loss of 33%. As one analyst on X, @StrongHedge, put it, the chart ‘doesn’t look great.’
BTC Bull Raises $3 Million as Analysts Expect it to Pump
While Dogecoin is struggling, up-and-coming meme coins are seeing explosive gains and swelling support from traders. One token that looks to be positioned to deliver profits is BTC Bull ($BTCBULL).
This emerging meme coin has hitched its wagon to Bitcoin, the oldest and largest cryptocurrency—and currently the token leading the crypto bull run. In fact, BTC Bull is offering real Bitcoin rewards so investors can take full advantage of $BTC’s rise.
The Way it Works
The way this works is simple: investors who hold $BTCBULL can look forward to real $BTC airdrops when the price of Bitcoin reaches $150k, $200k, and $250k. So, as Bitcoin pushes higher, BTC Bull investors receive tokens so they can be part of the action and lock in massive profits.
Conclusion
Dogecoin’s recent woes have left many investors wondering where the token is headed for this bull run. While it’s possible for Dogecoin to rally again, the current trend suggests that meme coin traders looking for profit might want to steer clear of $DOGE.
On the other hand, up-and-coming meme coins like BTC Bull are seeing explosive gains and swelling support from traders. With its unique approach to offering real Bitcoin rewards and buyback and burn events, BTC Bull looks poised to deliver profits for investors.
FAQs
Q: What’s happening with Dogecoin’s trading volume?
A: Trading volume has plummeted from $11.5 billion in early February to $1.8 billion today, an 85% decline.
Q: Why are long-term $DOGE holders and whales losing interest in the Dogecoin network?
A: Analysis indicates that open interest in Dogecoin has fallen from $5.41 billion earlier this year to just $2.21 billion in late February, a decline of 60%.
Q: What’s the current price of Dogecoin?
A: The current price of Dogecoin is $0.21.
Q: What’s the potential loss for Dogecoin if it falls to the next support level?
A: The token could fall all the way to $0.14 before hitting bottom—a potential loss of 33%.
Q: What’s the current trading volume on Dogecoin?
A: Trading volume is currently $1.8 billion, a significant decline from its peak of $11.5 billion in early February.
Q: What’s the current sentiment on the Dogecoin chart?
A: The chart ‘doesn’t look great,’ according to one analyst on X, @StrongHedge.
