- Dogecoin’s price fell 11% to $0.23, trading in a range of $0.23–$0.26.
- Although large holders accumulated 4.9 billion DOGE in August, wallets holding 10 million to 100 million DOGE have reduced their positions by about 6% recently.
- The debut of the first US Dogecoin ETF on September 12, 2025, failed to sustain bullish momentum.
Dogecoin (DOGE) plunged sharply on Monday as the wider cryptocurrency market suffered significant losses. A wave of selling pressure pushed DOGE down more than 11%, contributing to the removal of over $1.7 billion in positions across the crypto sector.
Losses extended across many altcoins, with some tokens seeing drops exceeding 20% in a 24-hour window. The market-wide sell-off underlined a surge in bearish sentiment, outweighing earlier optimism surrounding ETF-related demand and large-scale accumulation by whales.
Dogecoin price crash
DOGE tumbled roughly 10%, settling near $0.23 after a brief consolidation period in the $0.23–$0.26 band. The sudden decline reflects broader market weakness and growing caution among traders and investors.
Technically, the picture looks fragile: if bulls cannot hold current levels, price action could test lower supports. Analysts note that decisive defense of levels above $0.20 will be important. A more extended downturn could put the $0.13 area into focus, representing a potential 40% drop from recent prices.
The shift toward bearishness has been amplified by waning retail momentum and decreasing futures activity. Although large holders had built positions in August, recent on-chain indicators point to redistribution and profit-taking that increase near-term downside risk.
The Coin Days Destroyed metric has ticked up as longer-term holders start moving coins, a development traditionally associated with selling pressure and potential further declines.
Outlook as bears erase $1.7 billion from crypto market
Bitcoin’s retreat to around $112,000 coincided with losses across major cryptocurrencies, placing additional strain on sentiment. According to Coinglass, liquidations and forced selling removed roughly $1.7 billion from the market during the downturn.
Dogecoin’s 11% drop to $0.23 was a notable contributor to the overall pullback. Futures open interest for DOGE has fallen, signaling that leveraged positions are being trimmed and speculative long exposure is weakening.
On-chain data show that wallets holding between 10 million and 100 million DOGE have cut their holdings by about 6% over the past two months, highlighting diminished conviction among mid-sized holders despite earlier whale accumulation.
Some market observers view the dip as a buying opportunity, but prevailing market structure points to continued volatility until clearer directional cues emerge. If bullish support fails to materialize, key levels to watch include $0.22 and $0.20 as near-term floors.
Investors are advised to track technical indicators alongside macro and market-wide risk factors. The interplay of whale activity, broader risk-on/risk-off dynamics, and ETF-driven demand will likely shape near-term price action. The REX-Osprey DOGE ETF saw strong initial interest at launch, yet the ETF’s early boost has not been enough to offset wider selling.
Early enthusiasm for the first US-listed Dogecoin ETF faded in the face of the recent market-wide decline. Market participants will be watching regulatory timelines and upcoming SEC deadlines closely, as approvals or rejections of additional proposals could influence sentiment and liquidity in the weeks ahead.