DOGE Holds Top 10 Rank Amid 7% Dip and Surging Derivatives Activity, Eyes Key Support

Dogecoin (DOGE) is currently trading at approximately $0.22235, with a 24-hour price decline of about 2.72% and trading volumes ranging from $1.23 billion to $3.43 billion, maintaining its position as the 8th largest cryptocurrency by market capitalization. The recent price drop is attributed to a cooling off from earlier rallies, as indicated by a 7% decline within hours and consolidation between $0.21 and $0.259, despite an overall 5% weekly gain and strong futures and options activity. Increased derivatives open interest and trading volumes suggest ongoing market engagement, while technical indicators show DOGE rebounding from key support levels but facing resistance, contributing to short-term volatility and the observed price correction.