Dogecoin Crashes 10% But Trading Volume Skyrockets to $2B in 24 Hours

Dogecoin saw a sharp 10 percent decline within the last 24 hours, plunging from a high of $0.226 to $0.2036. This drop has sparked fresh concerns as the meme coin edges closer to its key support level.

According to data from CoinMarketCap, the decline in price was accompanied by a massive surge in trading volume. During the same stretch, Dogecoin’s volume of trades increased by 39.89 percent to close in on $2 billion.

Traders and analysts are starting to ask questions due to the influx of volume, which can look like somebody is strategically adding to their holdings. Interest from investors is rising in the current market dip, perhaps in hopes of an upcoming breakout.

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Dogecoin is currently holding slightly above the $0.20 support level, trading at $0.2046 at the time of writing. If trading fell into the $0.20 zone, several experts believe it could trigger a further correction, with $0.18 being the major level to pay attention to next.

Even so, the surge in trading indicates that many see the downturn as a chance to pick up Bitcoin. A brief consolidation was followed by a price correction, leading traders to start buying and selling again.

Rising Activity Brings Hope Amid Growing Market Caution

The surge in volume could buffer further price losses if demand remains strong. While the broader crypto market faces heightened volatility, Dogecoin’s resilience above support may reflect underlying strength.

Still, investors are approaching the situation with caution due to historical performance trends. June’s past performance has not been good for Dogecoin, with an average drop of more than 7 percent.

With less than 48 hours before June begins, the timing of this price action is significant. If market participants fail to maintain current momentum, Dogecoin could face intensified selling pressure.

In order to stop losses from going further, the Dogecoin system might require more transactions and continued support from buyers. In the coming days, we will decide if DOGE can strengthen or continue to weaken. Investors will pay attention to changing prices and higher or lower volumes to anticipate how the token might move in the coming days.

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