Dogecoin has fallen to its lowest price since October 2023 as the meme coin market sheds $26 billion. Long liquidations, scarce spot inflows and no DOGE ETF inflows since October 13 add to the pressure, and CoinGape says the price could test support at $0.0601.
Dogecoin traded at $0.062 at the time of writing after a 3.2% decline in 24 hours. The top coin among meme coins now sits at its lowest price since October 2023.
Meme coin selloff drags DOGE down 43% this year
Dogecoin opened the year at $0.11, so the drop to $0.062 marks a 43% year-to-date decline. The price now sits 91% below its all-time high of $0.73 from May 2021.
Other meme coins are sliding too. Shiba Inu is down 39% year to date at $0.00000416, and Trump Coin recently touched an all-time low after the Republican Party lost the November midterm elections. The total meme coin market cap has fallen by $26 billion to $21.32 billion.
Pepe Coin is the exception. It is up 10% in one month.
Liquidations and missing demand weigh on the price
Data from CoinGlass shows long liquidations have exceeded short liquidations for eleven straight days since November 4. Liquidated longs must close their positions by selling, which pushes the price lower.
Spot buyers are also absent. Dogecoin has seen only one day of spot inflows since November 3, and SoSoValue data shows DOGE ETFs have recorded no inflows since October 13.
Support sits at $0.0601
CoinGape says Dogecoin could drop to test support at the lower Bollinger band of $0.0601. Losing that level could push the price toward $0.058.
The bands are shrinking, which suggests the price might be entering consolidation between $0.058 and $0.065. The RSI has dropped to 36, so Dogecoin is not yet oversold. A close above the middle band at $0.079 would confirm a bullish reversal.
Source: CoinGape
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