DOGE Price Drops 4.72% Amid Qubic Community Pressure and $90M Transfers Despite ETF Approval

Dogecoin (DOGEUSDT) experienced a 4.72% price decline over the past 24 hours, with the current price at 0.22212 USDT, down from a 24-hour open of 0.23313 USDT. The price drop is primarily attributed to increased bearish sentiment following the Qubic community's decision to target Dogecoin after a recent 51% attack on Monero, raising concerns about network security and market stability. Additional factors include a rise in short positions, realized losses among holders, and technical indicators pointing to a bearish trend, despite Grayscale's recent SEC approval for a spot Dogecoin ETF and significant on-chain transfers exceeding $90 million in DOGE.

Dogecoin maintains a strong market capitalization of approximately $33.47 billion, with a robust 24-hour trading volume of around $2.83 billion, and continues to rank among the top cryptocurrencies by market cap, while technical indicators suggest ongoing high volatility and a bearish short-term outlook.