Dogecoin (DOGE) is facing renewed selling pressure after a sharp 8.56% drop in the past 24 hours. The meme-coin favorite now trades at $0.1833, retreating from yesterday’s high of $0.2003. This decline has wiped out a significant portion of its weekly gains and reignited debate about DOGE’s near-term direction.

Dogecoin’s market cap stands at $27.76 billion, reflecting an 8.55% contraction in just one day. Yet, trading activity remains heated, with 24-hour volume surging 36.29% to $4.16 billion, indicating that traders are still active despite the price slip. The coin’s circulating supply is about 151.38 billion DOGE, matching its total supply, confirming that inflationary pressure continues to play a role in its valuation.

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Intraday Price Movement and Technical Trend

DOGE began the day near $0.1996, but early sell-offs quickly dragged prices below the $0.19 mark. The decline intensified around mid-morning, hitting a daily low of $0.1762 before bouncing slightly. Buyers stepped in near support, allowing the token to recover modestly toward its current level of $0.1833. However, the overall trend remains bearish, with lower highs forming across shorter timeframes.

_{Source: CoinMarketCap}

Dogecoin is still down 75.12% from its all-time high of $0.7376, reached on May 8, 2021. Yet, it has come an astronomical way from its all-time low of $0.00008547 recorded a decade ago, a gain of over 214,000%. That remarkable long-term rise keeps DOGE relevant among traders seeking both nostalgia and high-risk upside.

Speculative Activity and Market Sentiment

Despite the short-term dip, the increased trading volume suggests ongoing speculation and possibly accumulation by dip buyers. Still, sentiment remains cautious. The high volume-to-market-cap ratio (14.99%) shows significant liquidity, but also hints at uncertainty among participants ahead of the weekend.

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If DOGE holds above the $0.18 support zone, a rebound toward $0.20 could emerge. But failure to sustain this level might invite further declines toward $0.17. For now, the market remains in a consolidation phase, with bulls and bears wrestling for short-term control.