Is Dogecoin (DOGE) Floor Price In?

Dogecoin Faces Extended Drawdowns, Recovers from 24-Hour Low

The cryptocurrency market remains below its peak levels, with Dogecoin (DOGE) also experiencing prolonged declines. At the time of writing, DOGE is trading at $0.3163, down by 1.16% in the past 24 hours, according to CoinMarketCap.

Price Trends and Support

Dogecoin reached a high of $0.3214 but dropped as low as $0.3097 over the past 24 hours. It has maintained a support level around $0.3, but its recovery has been gradual. The $0.3097 level marks the lowest point over the past seven days, suggesting it could be a potential floor price.

Whale Activity

Despite the price decline, Dogecoin whales remain active. According to IntoTheBlock, large transactions in the Dogecoin ecosystem have increased by over 41% in 24 hours, currently valued at more than $23 billion. This intense trading activity could potentially lead to a rebound in the medium term.

Long-Term Outlook

Dogecoin maintains its long-term goal of reaching $1. Galaxy Research predicts that DOGE will achieve this milestone by 2025. They attribute this growth to factors such as the Elon Musk Department of Government Efficiency (D.O.G.E) and potential Dogecoin ETF filings.