DOGE Holds Top 8 Spot Despite 3.9% Drop and $123K Liquidation Surge Amid High Volume

Dogecoin (DOGE) is currently trading at $0.21905 on Binance, with a 24-hour opening price of $0.22795, reflecting a 3.90% decline over the past day. Trading volume remains robust, with recent figures showing approximately $1.19–$1.23 billion in 24-hour volume and a market capitalization of around $32.76 billion, maintaining DOGE’s position as the 8th largest cryptocurrency by market cap.

The recent price decline is primarily attributed to heightened volatility following a significant liquidation event on May 27, 2025, where $123,000 in DOGE long positions were liquidated within one hour, resulting in a 200% liquidation imbalance. Despite this short-term disruption, Dogecoin has shown resilience, consolidating near key resistance levels and maintaining strong on-chain activity, including a notable increase in new and active addresses. Market sentiment remains positive overall, supported by continued retail interest and bullish forecasts for the near future, although technical caution signals such as the “death cross” have also been observed.