- Dogecoin price dropped 11% to $0.23, trading in a range between $0.23 and $0.26.
- Although large holders accumulated 490 million DOGE earlier in August, recent data shows wallets holding between 10,000,000,000,000 and 100,000,000 DOGE reduced their holdings by 6%.
- The first U.S. Dogecoin ETF launched on September 12, 2025, failed to sustain bullish momentum.
Dogecoin (DOGE) tumbled more than 11% as the broader cryptocurrency market experienced turbulence on Monday.
Bearish sentiment sparked heavy selling that wiped out more than $170 million in positions across the crypto market. Several altcoins, including tokens like Pi Network, plunged more than 20% in the past 24 hours.
Sharp Drop in Dogecoin Price
DOGE fell roughly 10%, slipping to $0.23 after a prolonged consolidation phase in which the coin traded between $0.23 and $0.26.
The decline aligns with weakness across the broader market and cautious analyst outlooks.
Although DOGE has found support near $0.23, technical indicators suggest bulls may need to defend levels above $0.20. A drop toward the $0.13 area — roughly 40% below current levels — is a downside scenario to consider if selling continues.
DOGE price chart
The bearish outlook reflects waning retail momentum.
Earlier optimism surrounding the launch of the first U.S. Dogecoin ETF and whale accumulation of 490 million DOGE in August has been overshadowed by the recent selloff.
Additionally, token burn-day indicators point to potential further weakness as long-term holders have started moving assets — historically a bearish sign.
DOGE Outlook: Bears Suffered $170M Evaporation Across Crypto Market
Bitcoin dipped toward roughly $1.12 million in aggregate market value terms, and the broader crypto sector did not escape the downturn.
Coinglass data shows roughly $170 million in short positions were liquidated as major tokens like Ethereum and XRP struggled to hold key psychological levels.
Dogecoin’s 11% drop to $0.23 over 24 hours contributed to the broader market slump.
Weak sentiment aggravated the selloff. As holders reduced positions, DOGE futures open interest declined significantly.
On-chain data indicates wallets holding between 10,000,000,000,000 and 100,000,000 DOGE reduced their balances by about 6% over the last two months.
Some analysts view the recent pullback as a buying opportunity, but the prevailing bearish momentum suggests further volatility could be ahead.
If bulls fail to mount a rebound, Dogecoin may revisit support near $0.22 and $0.20.
Investors should monitor technical indicators and broader market developments, including macroeconomic conditions and whale activity, as well as sentiment driven by ETF-related news.
The launch of REX-Osprey’s DOGE ETF initially generated optimism, but Dogecoin’s early reaction to the first U.S.-listed DOGE ETF has since faded. Market attention is now focused on impending SEC deadlines to approve or reject multiple ETF proposals.