DOGE Token Drops 10% Amid $41 Million Liquidations and Market Volatility Despite High Trading Volume

Dogecoin (DOGEUSDT) experienced a sharp price decline of 10.39% over the past 24 hours, with the price falling from 0.19232 to 0.17233 on Binance. This drop is attributed to broader market weakness affecting major cryptocurrencies, as reported by multiple sources, alongside significant profit-taking activity and increased volatility. Notable liquidations occurred, with $22.64 million in long and $18.85 million in short positions cleared, and spot outflows totaling 6.32 million DOGE across exchanges. Social sentiment has also weakened, with declining news coverage and increased volatility, while public statements by Elon Musk coincided with heightened trading activity but did not provide direct price support. Dogecoin remains highly traded with a 24-hour volume between $1.24 billion and $1.42 billion and a market capitalization near $25 billion, but current technical indicators suggest continued downward pressure in the near term.