DOGE Token Slides 2% After cbDOGE DeFi Launch, Tracks Broader Crypto Downturn Despite Strong Volume

Dogecoin (DOGEUSDT) is currently trading at $0.15991 on Binance, reflecting a 2.02% decline over the past 24 hours from an open of $0.16320. The recent price decrease follows a period of heightened volatility, with technical indicators such as EMA(7), EMA(25), and EMA(99) previously signaling a bullish crossover. Despite positive developments—including Coinbase’s launch of wrapped Dogecoin (cbDOGE) on its Base layer-2 network, which enabled DeFi participation and initially drove a price surge—DOGE has since experienced a pullback. Market sentiment remains influenced by evolving narratives, such as DOGE’s increasing alignment with broader crypto trends and Bitcoin rather than individual influencers. Trading volume remains robust, and Dogecoin continues to rank among the top cryptocurrencies by market capitalization, though it has faced a 27.66% decline over the past month amid broader market challenges.