According to CoinGlass, Dogecoin’s trading volume has plummeted by over 1,100% in the last day, coinciding with a general downturn in the cryptocurrency market that began on Thursday.
Cryptocurrencies dropped in value on Wednesday following a sudden sell-off overnight. This decrease happened at the same time as significant declines in U.S. stocks and precious metals, and futures for the Nasdaq 100 were also down.
The crypto market saw $253 million in positions closed due to liquidation. Most of this, $203 million, came from the closing of long positions, while short positions accounted for the remaining $50 million.
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Over the past 24 hours, more Dogecoin was withdrawn from exchanges than deposited, even as the broader crypto market declined. Deposits (inflows) totaled $83.26 million, while withdrawals (outflows) reached $97.17 million, resulting in a net outflow of $13.92 million. This represents a significant increase in negative flow, up 1,120.38%.
The noticeable decrease in immediate Dogecoin transactions suggests people are moving their coins off of exchanges, which could mean demand is increasing.
Even so, people are still hesitant about the market. Most cryptocurrencies, like Dogecoin, have been trading within the same price range since early February, and haven’t been able to significantly increase in value despite several tries.
The crypto market is still showing signs of fear, with investors taking defensive positions as reflected in options trading.
Dogecoin price
Dogecoin’s price dropped after a three-day increase between March 23rd and 25th. This happened because buyers failed to raise the price above $0.97.
Dogecoin reached a high of $0.9793 on March 25th, but then its price fell back down. It dropped below the 50-day moving average, which is currently around $0.095, and has been limiting Dogecoin’s price since January.
Dogecoin’s price has recently fallen below its 50-day moving average, making it more likely to drop below $0.09. While it currently finds some support around $0.08, the next significant support level is $0.06.
If Dogecoin consistently rises above its 50-day moving average, it could reach $0.10 and then $0.12, where it might encounter some price resistance.
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2026-03-26 22:06