Dogecoin (DOGE), the popular dog-themed meme coin, has witnessed a significant 87% increase in trading volume, according to data from CoinGlass. Despite this remarkable surge, DOGE’s price fell by 5.20% in the last 24 hours, continuing a week-long downward trend where the coin dipped over 7%. This decline reflects broader negative sentiment in the market, which is experiencing a stock market correction.
<h3>Elon Musk’s Influence Fades</h3>
Earlier this week, Tesla CEO Elon Musk rekindled interest in Dogecoin with a playful interaction on X (formerly Twitter). When Musk mentioned Starlink bank accounts being frozen, a prominent Dogecoin supporter, "Sir Doge of the Coin," responded by suggesting that "Dogecoin fixes this." While Musk's previous endorsements had a massive impact on <a href="https://www.cryptoknowmics.com/news/dogecoins-anticipated-surge-the-under-the-radar-tokens-primed-to-benefit/" target="_blank" rel="noopener">Dogecoin’s</a> value, the latest mention failed to reverse its recent slump. In January 2021, Musk’s tweets triggered a 339% surge in DOGE’s price, but the coin has since struggled to regain its momentum.
<h3>Bearish Sentiment Dominates</h3>
Dogecoin's recent performance has left investors feeling bearish. The meme coin has been on a steady decline, and despite its spikes in trading volume, it has not been able to break key resistance levels. With the market moving into the "extreme fear" zone, bulls are likely to wait for a more favorable moment to make their move. The 200-day EMA remains well above the current price, reinforcing the long-term bearish trend.

<em><strong>Disclaimer: </strong></em>The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Dogecoin Trading Volume Soars 87%, But Price Drops Amid Market Correction

Dogecoin's trading volume skyrockets by 87%, but its price drops 5.20%. Elon Musk's influence fades as the market turns bearish.

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Dogecoin Trading Volume Soars 87%, But Price Drops Amid Market Correction

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