The original Meme Coin, Dogecoin, has dropped sharply, falling to $0.225 per coin after a 7% drop in the last 24 hours.
The price is $0.2239, approaching the lowest point in 2025. Last week, Doge lost nearly 18% of its value, becoming one of the worst top cryptocurrencies.
Crypto analyst Ali Martinez, who previously predicted DogeCoin’s $4 price target, warns that if they lose key support levels, the coin could drop even further.
“Is Dogecoin continuing with Pepe? If so, a breakdown below $0.31 could trigger a fix for Doge to $0.20!” Martinez wrote to X.
He also noted that since October 2024, network activity has dropped to the lowest level, with 66 whale transactions per day and fewer than 60,000 active addresses.
Despite the recent recession, Martinez suggests that if Dogecoin maintains its main support level, they can see another rally.
“Dogecoin has been trading within the upward channel since 2014. Dogecoin tends to rebound from the low support trend line on this channel to the resistance trend line. From this level, it returns to the support trend line and then rebounds again. And there’s a tendency to repeat the whole cycle,” he explained.
“Dogecoin has recently rebounded from the support trend line. As long as Dogecoin exceeds 19 cents, if history repeats, it could ralend it on a resistance trend line of around $4,” he added.
Dogecoin was flying high just months ago after billionaire entrepreneur Elon Musk rekindled interest in Meme Coin. In December, Doge hit a three-year high of $0.48, but has since dropped significantly.
Doge continues to be the eighth largest cryptocurrency by market capitalization, but struggles alongside the broader Meme Coin Market.
Coingecko’s data shows that almost all major meme tokens are red. Shiba Inu (Shib) has dropped by 9% in the last 24 hours, while Pepe (Pepe) and Bonk (Bonk) each lose more than 14%.
According to Coinglas, open interest in Dogecoin, in addition to Bearish Outlook, has dropped to just $2.16 billion. This suggests that traders are losing confidence in their coin’s ability to rebound.
Dogecoin continues to be an important part of Musk’s impact in the crypto space. The billionaire, once fueled by rally in tweets, now runs a US government department called the Government’s Department of Efficiency or Doge.