- Dogecoin price fell 11% to $0.23, trading in a range of $0.23–$0.26.
- Despite an early accumulation of 4.9 billion DOGE by large holders in August, recent data shows a 6% reduction in holdings among wallets holding 10 million to 100 million DOGE.
- The debut of the first US Dogecoin ETF on 12 September 2025 failed to sustain bullish momentum.
As the cryptocurrency market experienced turbulence on Monday, Dogecoin (DOGE) plunged more than 11% in value.
Widespread bearish sentiment triggered heavy selling that wiped out over $1.7 billion in value across the broader crypto market. Several altcoins felt the pressure, with some tokens dropping sharply within 24 hours.
Dogecoin price decline
DOGE fell roughly 10%, reaching $0.23 after a consolidation period in which the token traded between $0.23 and $0.26.
This decline mirrors weakness across broader markets and a cautious tone from analysts.
Although the price held around $0.23 at the time of reporting, technical analysis suggests that further weakness could push levels under $0.20. Key areas to watch include $0.13 and a possible 40% decline from current levels if bearish pressure intensifies.
Price chartDOGE by CoinMarketCap
Prospects have dimmed amid fading retail momentum.
Early optimism surrounding the first US Dogecoin ETF launch and the reported 4.9 billion DOGE accumulation by whales in August has been overshadowed by recent selling pressure.
Indicators such as the Coin Days Destroyed metric also point to potential further downside, as long-term holders have begun moving coins—historically a bearish sign.
Market overview as bears erase $1.7 billion
Bitcoin dipped toward roughly $112k, and the wider cryptocurrency market did not escape the downturn.
According to Coinglass data, bearish activity removed about $1.7 billion in value as major tokens including Ethereum and XRP struggled to hold key psychological levels.
Dogecoin’s 11% drop to $0.23 over 24 hours contributed to the broader market pullback.
Weak sentiment has exacerbated the sell-off. DOGE futures open interest declined notably as holders trimmed positions.
On-chain data shows wallets containing between 10 million and 100 million DOGE trimmed their holdings by roughly 6% over the past two months.
Some analysts view the correction as a buying opportunity, but the current downtrend suggests potential for further volatility.
If bulls fail to mount a strong rebound, Dogecoin could retest support near $0.22 and $0.20.
Investors should monitor technical indicators and market developments closely, along with the general appetite for risk assets.
Key variables include whale activity, macroeconomic factors and ETF-driven sentiment. The REX-Osprey DOGE ETF enjoyed a lively debut, which briefly supported demand.
However, Dogecoin’s initial response to the first US-listed DOGE ETF has cooled. Attention now turns to upcoming deadlines for the SEC to approve or deny additional ETF filings, which could influence near-term price action.