Dogecoin Slips as Activity and Social Metrics Decline
Dogecoin (DOGE), the world’s leading memecoin, is showing signs of mounting downward pressure as key indicators across on-chain activity and social engagement deteriorate. Following a steep 22% decline over the past 24 hours, analysts suggest that DOGE may soon retest price levels last seen in October 2024.
Price Volatility Triggers Caution
DOGE’s price dropped sharply from a recent high of $0.171, trading closer to $0.133 at press time. Data from Coinglass shows that more than $37 million in DOGE positions were liquidated in the last 24 hours alone, with a striking 85.78% of those being long positions. This signals a strong correction against overly optimistic market sentiment that had built up in recent weeks.
The drop in Dogecoin comes amid broader crypto market jitters, exacerbated by geopolitical concerns and global economic uncertainty. Bitcoin (BTC), the market bellwether, also recorded a 10.6% loss during the same period.
Falling Network Activity Raises Concerns
On-chain data reveals a notable decline in Dogecoin’s network health. Daily active addresses have returned to levels not seen since October 2024, indicating shrinking user participation. Large transactions—commonly associated with institutional activity or whales—have also dropped, with just 66 recorded per day, according to The Market Periodical.
This contraction in activity suggests a cooling interest in the asset from both retail and larger investors, adding pressure to DOGE’s already bearish technical setup.
Social Engagement Continues to Slide
Further compounding Dogecoin’s woes is a noticeable drop in social media traction. According to data from Santiment, both social volume and dominance have hit fresh lows in April. While there was a brief surge in mid-March—coinciding with a 20% daily price rebound—momentum quickly faded.
Analysts interpret this as a critical signal: in the absence of strong price rallies, DOGE struggles to maintain market attention. This can result in continued capital outflows and further weaken price support levels.
Technical Indicators Confirm Bearish Trend
From a technical standpoint, the signs are equally grim. The 1-day Relative Strength Index (RSI) has remained under the neutral 50 threshold since January, signaling ongoing bearish momentum. On-Balance Volume (OBV) also shows a slow but steady decline, reinforcing sustained selling pressure over several months.
Support levels at $0.131 and $0.102—last seen in October 2024—are now in focus. The former has already been tested in recent hours, and while a short-term bounce to $0.154–$0.164 remains possible, the broader trend suggests continued downside risk.
Conclusion
The convergence of negative price action, reduced on-chain activity, and waning social interest paints a cautious picture for Dogecoin in the near term. While brief price recoveries are plausible, investors should remain vigilant and consider the broader market dynamics before making any moves.
Until DOGE sees a resurgence in user engagement and transaction volume, the memecoin could remain under pressure—potentially retesting long-term support zones from late 2024.
