Dogecoin Plunges 11% as Institutional Bets Seen Exiting Amid Heavy Selloff

Dogecoin posted a sharp decline during the July 23–24 trading session, shedding 11% from $0.26 to $0.24 amid sustained institutional sell pressure and extreme volatility.
Trading volumes surged past 2.26 billion tokens during the selloff window, marking one of the highest activity spikes in recent weeks. Analysts cited broader crypto market fragility and profit-taking from large holders as key drivers of the move.
Despite a brief bounce off the $0.23 level, DOGE failed to reclaim resistance at $0.25, closing near session lows and raising the risk of continued downside pressure.

What to Know

• DOGE dropped 11% from $0.26 to $0.24 during the 24-hour session ending July 24 at 05:00 GMT
• Intraday range of $0.032 marked 12.06% volatility, driven by intense selling pressure
• Selloffs concentrated during 13:00–17:00 GMT as DOGE rejected $0.25 on 2.26B+ volume
• Final hour saw 1.45% additional drop from $0.24 to $0.24, confirming continued weakness
• Support temporarily formed at $0.23 but failed to drive sustainable recovery

News Background

Market sentiment remains fragile across altcoins as macroeconomic concerns—particularly around global trade tensions and hawkish policy tone—exacerbate risk-off flows.
DOGE saw brief bullish speculation after Bit Origin’s treasury announcement earlier this month, but momentum quickly faded as institutional players began unwinding positions.
Analysts note technical exhaustion and breakdown of trendline support as triggers for the latest leg down.

Price Action Summary

DOGE traded within a 12% intraday range from $0.26 to $0.24. Most of the drawdown occurred between 13:00 and 17:00 GMT on July 23, with multiple rejection wicks at the $0.25 level accompanied by high sell volumes. A critical breakdown followed in the final trading hour between 04:48 and 05:47 GMT, as the token dropped an additional 1.45% on a sharp volume spike exceeding 30 million tokens between 05:04–05:07. Price temporarily bounced at $0.23 but was unable to reclaim resistance.

Technical Analysis

• According to CoinDesk Research's technical analysis model, $0.25 has been established as firm resistance following multiple rejection candles on large volume.
• Final hour showed steep rejection at $0.24–$0.24 range with elevated liquidation activity
• $0.23 is now the key support to monitor; breach could extend drawdown to $0.21
• Hourly RSI remains in oversold territory but lacks bullish divergence confirmation
• Volume profile suggests institutional-led exits rather than retail panic

What Traders Are Watching

Traders are closely monitoring DOGE’s behavior around the $0.23 level as a key pivot for short-term direction.
A failure to hold could open up downside toward $0.21, while reclaiming $0.25 on volume may suggest reversal potential. Volatility remains elevated, and whale activity is expected to continue driving intraday swings.