- Dogecoin has dropped over 10%, but a sharp rise in trading volume suggests investors may be strategically accumulating the coin.
- However, with June historically being a weak month for DOGE, caution remains essential despite signs of potential support.
Dogecoin has taken a sharp hit, falling over 10% in the last 24 hours, but all is not lost for the top meme coin. While prices are struggling to hold above the critical $0.20 level, a significant spike in trading volume has emerged — a potential signal of growing interest beneath the surface.
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Dogecoin Price Slides, But Volume Tells a Different Story
The meme coin’s value dropped from $0.226 to $0.2036, a steep decline for any investor watching closely. At the time of writing, Dogecoin is trading at $0.2046 at press time, teetering just above the $0.20 support line. Despite this decline, trading activity has jumped nearly 40% in the past 24 hours, pushing volume to a notable $2 billion.
This uptick in volume may not be just noise. Analysts suggest that the rise in activity could reflect strategic accumulation — with investors treating this dip as a buying opportunity rather than a signal to exit. If accurate, this wave of buying could create the groundwork for a potential rebound.
Key Support Levels and a Cautious Outlook
Still, the market remains fragile. Should DOGE breach the $0.20 mark, the next stop could be around $0.18 — a level that would mark an even deeper correction. June also brings a historical challenge. On average, Dogecoin has dropped over 7% during the sixth month of the year, making the short-term outlook even murkier.
To defy this seasonal pattern, Dogecoin’s community will need to rally. Increased activity, ecosystem developments, and buy-side pressure will be crucial to prevent further decline. Without strong support from bulls and whales alike, the current downturn may just be the beginning.
Accumulation or Another Sell-Off?
For now, the surge in trading volume provides a glimmer of hope. If accumulation continues, it could act as a buffer against further losses. However, until price action confirms a trend reversal, Dogecoin investors are advised to proceed with caution — especially with June’s historically poor performance looming.
In short, while Dogecoin’s 10% slide looks grim, the real story might be unfolding in the background — where volume and accumulation suggest that smart money isn’t giving up just yet.
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