Dogecoin (DOGE), once heralded as a strong player in the cryptocurrency market, is currently experiencing a steep price decline, losing 29% in market value since the beginning of 2025. This notable drop has led traders to abandon long positions, indicated by a surge in the number of short positions taken up recently. The cryptocurrency’s price dropped to approximately $0.053, marking a 2% decrease from the previous day. The bearish sentiment has led many traders to express concerns, suggesting that additional declines may be on the horizon. Notably, Ark Invest CEO Cathie Wood remarked on the correlations between DOGE and other cryptocurrencies, indicating that market trends are heavily influencing DOGE’s performance. Analysts predict that if the current trend continues, Dogecoin could potentially drop to a crucial support level of $0.042. This scenario casts doubt on the altcoin’s trajectory as many traders and investors are reevaluating their positions in light of the recent shifts in the market dynamics.
Dogecoin Faces Significant Price Decline as Traders Abandon Long Positions
