DOGE Token Drops 7% as $5M in Longs Liquidated and Meme Coin Market Faces Pressure

Dogecoin (DOGEUSDT) experienced a significant price decline of approximately 7.16% over the past 24 hours, with the current price at $0.17511 on Binance, down from a 24-hour open of $0.18862. This drop is primarily attributed to over $5 million in long liquidations on June 5, reduced capital inflows into the meme coin sector, and a broader shift of funds toward stablecoins and Bitcoin amid ongoing macroeconomic and regulatory uncertainty. No new protocol updates or partnerships were reported for Dogecoin during this period, and the overall meme coin market capitalization fell by over 4%. Technical analysis indicates DOGE is at a critical support level, with analysts highlighting the next several weeks as decisive for its short-term trajectory. Trading volume over the last 24 hours reached approximately $1.99 billion, and Dogecoin remains the 8th largest cryptocurrency by market cap, despite recent declines in both price and overall market capitalization.