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The digital currency ecosystem has yet to trade close to the peak levels of the past month, with Dogecoin (DOGE) also facing extended drawdowns. At the time of writing, the price of Dogecoin was $0.3163, down by 1.16% in the past 24 hours, according to data from CoinMarketCap. While not out of the woods yet, the price of DOGE has recovered from its lowest point over the past 24 hours, suggesting that the floor has finally set in.
Dogecoin price trends
From a high price of $0.3214, the price of Dogecoin fell as low as $0.3097 over the trailing 24-hour period. While the meme coin has managed to mount a strong support wall at the $0.3 mark, its recovery has remained staggered.
Godfrey BenjaminWhen the DOGE price is expanded on the seven-day chart, the $0.3097 level also marks its worst, indicating that this might be the major floor price. If this projection holds, investors must closely monitor the trading activities around this price level.
Dogecoin whales remain active amid this price discount period. As showcased by IntoTheBlock data, the large transactions in the Dogecoin ecosystem have jumped by more than 41% in 24 hours. These transactions are now pegged at more than $23 billion.
These intense trading activities and activities at this $0.3 price range might force a rebound for Dogecoin in the midterm.
What does future hold?
Dogecoin is still nursing its long-term ambition to hit the $1 price mark. In its outlook for the crypto market in 2025, Mike Novogratz’s Galaxy Research said Dogecoin will finally touch the price mark.
Arman ShirinyanThe firm highlighted how the meme coin will benefit from the Elon Musk Department of Government Efficiency (D.O.G.E). Amid the growing push for new crypto ETF products, there are growing speculations that a Dogecoin ETF may also be filed soon.
Dan Burgin
Yuri Molchan
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