DOGE Token Faces $1.19B Volume and 2.81% Drop as Market Eyes Key $0.16 Support

Dogecoin (DOGEUSDT) is trading at $0.16301 on Binance, down 2.81% over the past 24 hours, with a 24-hour open of $0.16772 and significant trading volume exceeding $1.19 billion. The recent price decline is attributed to ongoing market volatility, a broader downtrend in the meme coin sector, and Dogecoin’s market cap being surpassed by TRON (TRX). Despite positive developments—such as rising futures open interest (+2.44%), potential ETF approval sentiment, and new utility integrations like PBK Miner—these factors have not yet translated into upward price momentum. Technical analysis highlights a critical consolidation phase around $0.17, with traders watching for a breakout above $0.22 or a drop below $0.16 as key directional signals. Exchange outflows totaling $38 million in the last 48 hours suggest some accumulation, but overall demand remains cautious, contributing to the current price weakness.