Dogecoin is down by 8.39% over the last 24 hours as its price fell below the $0.10 level due to risk-off sentiments. Currently trading at $0.091, the meme coin has traded between $0.08157 and $0.1026 over the last day, with intraday volatility primarily driven by forced selling.
DOGE saw a day-over-day increase in trading volume to $4 billion, a 108.57% increase, meaning investors participated heavily during the fall.
Bitcoin Breakdown Triggers Spillover Selling in DOGE
Dogecoin fell in lockstep with a sharp drop across risk assets. Total crypto market capitalization declined 5.77%, while the Fear & Greed Index plunged to an “Extreme Fear” reading of 5.
Bitcoin price crashed to around $60,000, a level last seen in 2024, and this breakdown below key support levels triggered more than $1.3 billion in leveraged liquidations within 24 hours, a 223% jump from the prior day.
That wave of forced selling created a feedback loop that drained liquidity from high-beta assets such as DOGE. The move carried the hallmarks of classic deleveraging rather than discretionary risk reduction.
Institutional flows have also deteriorated. Spot Bitcoin ETFs posted notable net outflows, with BlackRock’s IBIT alone seeing $175 million in redemptions on February 5.
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At the same time, IBIT recorded record trading volume of more than 284 million shares, with a notional value of over $10 billion, as its price fell 13% to below $37, extending its year-to-date loss to 27%. Heavy redemptions, record volume, and a strong tilt toward put options point to capitulation and peak fear among investors.
DOGE-specific ETF activity remains small in comparison. Cumulative net inflows across U.S. DOGE spot ETFs stand at $6.67 million, while total net assets are $8.02 million, roughly 0.05% of Dogecoin’s market cap. Daily net inflows were flat, and total value traded was $424,590. The data suggests DOGE ETFs are not yet a meaningful stabilizing force during stress events.
Dogecoin Price Tests Support While Momentum Stays Weak
Dogecoin is currently hovering around $0.0919 after a small decline to the lower end of the $ 0.08 range. The price also remains below the 14-period simple moving average at around $0.0997. Short-term trend indicators continue to signal a decline in price. Moreover, the momentum has also declined steadily since late January.
The 14-day RSI on the four-hour timeframe reads around 31, which is close to the oversold range. In the current daily indicator summary, oscillators are neutral, and moving averages indicate a strong sell signal, suggesting a prolonged downtrend across all charts. Short-, medium-, and long-term exponential and simple moving averages are clustered above the spot price, acting as overhead resistance.
Crypto analyst Ali Charts also identifies a strong area of support at approximately $0.054. This could serve as a strong support zone in a longer-term scenario in the event of a slump in overall market conditions.
The immediate resistance is marked at two key levels: $0.102 and $0.157, and the Doge coin price is struggling to maintain a position just below the first.
The immediate focus is whether selling pressure begins to fade alongside a slowdown in liquidation volume. A period of basing above the recent lows would suggest exhaustion among forced sellers. Without that, DOGE remains exposed to further downside if macro conditions continue to deteriorate.
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