- Dogecoin struggles as Bitcoin’s drop below $90,000 triggers a market-wide sell-off.
- DOGE’s network activity has declined by 95%, signaling reduced user engagement.
- Key support at $0.19 remains critical; a breakdown could push prices toward $0.06.
- Market uncertainty from new tariffs and the Bybit cyber attack adds to selling pressure.
Dogecoin (DOGE) is struggling to hold its ground amid a broader crypto market sell-off, triggered by Bitcoin’s drop below $90,000. The sudden downturn has fueled panic across the market, leading to significant losses for several altcoins, including DOGE.
Currently, Dogecoin is trading at $0.2044, with a 24-hour trading volume of $4.52 billion and a market cap of $30.20 billion. Over the past 24 hours, DOGE has seen a 4.42% decline, reflecting the bearish sentiment gripping the crypto market.
The sell-off comes in the wake of mounting economic concerns, including newly imposed tariffs and the Bybit cyber attack, both of which have added to investor uncertainty. As a result, Bitcoin’s sharp decline has dragged the entire market down, impacting DOGE’s price performance.
Dogecoin Network Activity Plunges by 95%
On-chain data suggests Dogecoin’s network activity has dropped drastically, raising concerns about its future trajectory. Crypto researcher Ali Martinez pointed out that the number of active Dogecoin addresses has plummeted by 95%, from 2.66 million in November to just 130,282 today.
This decline in user engagement signals weakening demand for DOGE transactions, potentially increasing selling pressure. Martinez further noted that long-term DOGE holders remain in “denial,” unwilling to acknowledge the downtrend.
DOGE Price at Risk – Key Support Levels to Watch
From a technical standpoint, the analyst highlighted that, DOGE is nearing a critical support level at $0.19. A breakdown below this mark could lead to a steep decline toward $0.06, indicating a much deeper correction.
For DOGE to regain bullish momentum, it needs strong buying support to reclaim higher resistance levels. However, if the broader market remains under bearish pressure, Dogecoin’s downtrend may continue.
Investors should closely monitor Bitcoin’s movement, network activity, and key support levels to anticipate the next big move in Dogecoin’s price action.
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