Skip to content
Crypto News Focus logo CNF_CRYPTO_NEWS_FOCUS_LOGO 8

Crypto News Focus

your day to day crypto news site

Primary Menu
  • Home
  • News
    • Bitcoin News
    • Ripple XRP news
    • Ethereum News
    • Cardano News
    • Shiba Inu News
    • Pi Network News
    • More
  • Analysis
  • PR Desk
  • About Us
  • General Policy & Privacy
  • Guides
    • Bitcoin Guides
    • Pi Network Guide
    • Cardano Guide
  • Politics
  • Tech
  • Home
  • News
  • Dogecoin (DOGE) Dives: Analyzing the Cryptocurrency’s Plummeting Price and Market Impact
  • News

Dogecoin (DOGE) Dives: Analyzing the Cryptocurrency’s Plummeting Price and Market Impact

vivian 2 May 2024
dogecoins
  • Dogecoin’s price has plummeted to $0.12, sparking concerns of a potential dip below $0.10 amid a tumultuous market environment, exacerbated by a $3.7 billion market cap loss within 10 days.
  • Recent on-chain movements reveal significant sell-offs by Dogecoin miners, intensifying downward pressure and raising doubts about the cryptocurrency’s immediate future.

Dogecoin, the beloved meme-inspired cryptocurrency, has been on a rollercoaster ride in recent weeks, leaving investors and enthusiasts alike wondering about its future trajectory. As of May 1, 2024, Dogecoin’s price has taken a significant hit, plummeting to as low as $0.12 after experiencing a tumultuous April marked by substantial losses. But what lies ahead for this quirky digital asset?

Dogecoin Sheds $3.7 Billion Market Cap in 10-days

With the persistent sell-offs from Dogecoin miners and the broader market sentiment leaning towards bearish territory, the question arises: will Dogecoin breach the critical support level of $0.10? Analysts suggest that if the current trend persists, Dogecoin could indeed face a major breakdown below this crucial threshold. However, there remains a glimmer of hope for Dogecoin holders, as data from IntoTheBlock’s global in/out of money (GIOM) indicates potential support at the $0.12 mark, backed by a sizable number of existing holders who acquired DOGE at an average price of $0.11.

April 2024 proved to be a challenging month for Dogecoin, with the cryptocurrency witnessing a dramatic decline in its market capitalization. From reaching a monthly low of $0.129 on April 13 to the anticipated DOGE Day celebration on April 20, Dogecoin displayed signs of resilience, teasing a potential recovery. However, the optimism was short-lived as the market sentiment quickly turned bearish, exacerbated by the aftermath of the Bitcoin halving.

DOGE Miners Piling on More Sell-Pressure

Adding fuel to the fire, recent on-chain movements among Dogecoin miners have raised concerns about further downward pressure on the cryptocurrency’s price. Data from IntoTheBlock reveals a significant increase in sell-offs by Dogecoin miners, with approximately 70 million DOGE flooding the market within a span of five days, amounting to a value of $9.5 million at current prices.

Dogecoin Price Forecast: $0.10 Support at Risk

As Dogecoin navigates through the uncertainties of May 2024, investors and enthusiasts are bracing themselves for what lies ahead. While the possibility of Dogecoin falling below $0.10 looms large, the resilience of its community and the potential for support at key levels offer a ray of hope. Whether Dogecoin will reclaim its previous highs or succumb to further downward pressure remains to be seen, but one thing is certain – the journey of this meme-inspired cryptocurrency continues to captivate the world of digital assets.

Continue Reading

Previous: Navigating Cardano’s Turbulent Waters: Analyzing ADA’s $7 Billion April Loss
Next: Unlocking the Mysteries: Ripple’s 800M XRP Lockdown and Its Impact on Crypto

Related Stories

Ripple XRP on BLUE
  • News

Ripple Pushes New Crypto Rules to Limit SEC’s Power

Cal Evans 30 May 2025
Tron TRX coin
  • Analysis

Tron Flips Cardano in Market Cap as TRX Eyes $0.30 — But Trouble Looms

Sean Williams 30 May 2025
dogecoin on marbles
  • Analysis

Dogecoin Drops 10% as Traders Eye Rebound from Soaring Volume

vivian 30 May 2025

For general inquiries, please email us at Info@cryptonewsfocus.com

Crypto news focus is your day-to-day crypto news site. Get all the latest News and trends in the crypto, blockchain, and DeFi space. For more info and inquiries, reach out via email at info@cryptonewsfocus.com

You may have missed

Ripple XRP on BLUE
  • News

Ripple Pushes New Crypto Rules to Limit SEC’s Power

Cal Evans 30 May 2025
Tron TRX coin
  • Analysis

Tron Flips Cardano in Market Cap as TRX Eyes $0.30 — But Trouble Looms

Sean Williams 30 May 2025
dogecoin on marbles
  • Analysis

Dogecoin Drops 10% as Traders Eye Rebound from Soaring Volume

vivian 30 May 2025
PEPE COIN IMAGE
  • Analysis

PEPE Eyes New Highs in June Backed by Strong Whale Accumulation

Jane Kariuki 30 May 2025

Social Media

Crypto News Focus © All rights reserved | MoreNews by AF themes.
Go to mobile version
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok