Dogecoin, one of the first meme coins in the crypto market, is facing a significant price decline. Recent data shows its price dropped over 11% in 24 hours, reaching $0.1927.
Current State of Dogecoin
As of writing, Dogecoin traded at $0.1927 with a trading volume of $2.69 billion. On a weekly basis, the price dropped by 4.23%. In the past 24 hours, the highest traded price was $0.2239 and the lowest was $0.1876.
Market Impact and Potential Support Levels
Year-to-date, Dogecoin has lost 39.35% of its value and is trading below the 20, 50, 100, and 200 day exponential moving averages. It is expected to retest the resistance level at $0.2355, followed by $0.33170, with support levels at $0.18097 and $0.14540.
Overview of the Meme Coin Market
According to CoinMarketCap, the total market cap of meme coins is $52.36 billion, with a trading volume of $10.52 billion. Dogecoin remains a leading token among meme coins, second only to SHIB in market capitalization.
While Dogecoin continues to lose value, it remains a key token in the meme coin market, competitive among other popular players in its category. The price decline is attributed to overall market trends, but experts foresee potential recovery.
