#Dogecoin ($DOGE ) dropped 2.66% in the last 24 hours, sliding to $0.217 and #underperforming the broader crypto market’s 2.06% decline. The move comes amid mounting security fears, cooling altcoin sentiment, and weakness around a critical support level, creating a cautious outlook for traders.
Concerns over network security have grown after the Qubic blockchain community voted to direct hashpower toward Dogecoin. This sparked fears of a potential 51% attack — a type of vulnerability that could enable double-spending or chain reorganizations. The market reacted quickly, with futures open interest falling 8% as leveraged traders cut positions. Trust in DOGE’s mining resilience is being tested, especially since Qubic previously attempted a similar attack on Monero. The key factor to monitor now is whether Qubic actually follows through and how Dogecoin’s hash rate stability holds up in the near term.
Beyond security worries, broader altcoin sentiment is cooling. Retail enthusiasm has waned, which directly impacts meme coins like DOGE that thrive on hype and community-driven inflows. Google Trends data shows searches for “alt season” plunged 50% in the last week, while Bitcoin’s dominance climbed to 58.63%, pulling liquidity away from altcoins. DOGE’s spot trading volume also fell sharply, down 37% in just 24 hours, although whale wallets have accumulated 680 million DOGE. The question now is whether retail flows will return or if capital continues rotating into Bitcoin and other large-cap assets.
On the technical front, Dogecoin lost momentum after failing to hold above the $0.22 level. Momentum indicators reflect this weakness, with the RSI sitting at 49.77 (leaning neutral-bearish) and the MACD showing negative momentum at -0.0017. The immediate support at $0.21 is critical — a breakdown below could expose DOGE to further declines toward $0.20, with Fibonacci levels pointing to $0.189 as the next downside target. Holding $0.21 may offer bulls a chance for a rebound, but pressure remains high.
Overall, DOGE is facing a triple threat: heightened security jitters, waning altcoin sentiment, and a fragile technical setup. While whale accumulation hints at some long-term confidence, short-term traders are likely to stay cautious until after Fed Chair Powell’s Jackson Hole speech on August 23, which could shift risk appetite across the crypto market.
