DOGE Token Drops 7.6% Amid Meme Coin Slump, Trading Volume Surges Past $1.7 Billion

Dogecoin (DOGEUSDT) experienced a notable price decline of approximately 7.6% over the past 24 hours, with the current price at $0.17589 (down from a 24h open of $0.19036). The price pullback is primarily attributed to broader weakness in the meme coin sector, as overall meme coin market capitalization dropped by over 4%, and DOGE approached key support levels amid increased liquidations. Additional contributing factors include heightened market volatility following a recent surge in active wallet addresses and trading activity, as well as the impact of high-profile social media commentary, particularly a price spike after an Elon Musk tweet earlier in the week. Despite the price drop, trading volume remains robust, exceeding $1.7 billion in the last 24 hours, and Dogecoin maintains a strong position as the ninth-largest cryptocurrency by market capitalization, with ongoing high market participation and a circulating supply of approximately 149 billion DOGE.