Dogecoin News – DOGE Declines Over 1% on Thursday Amid Market Uncertainty

Dogecoin News – DOGE Declines Over 1% on Thursday Amid Market Uncertainty

Dogecoin News – Dogecoin (DOGE) fell by more than 1% on Thursday, with its on-chain data highlighting a potential support level and buying opportunity amidst ongoing market volatility.

Bleak Outlook for DOGE

DOGE needs to climb 5% above $0.112 to reclaim a major support level. Data from IntoTheBlock reveals that over 84,000 addresses bought 35.12 billion DOGE at prices between $0.103 and $0.112.

Despite this, market uncertainty remains high, and many predict a sluggish July for cryptocurrency prices. If the $0.112 level turns into resistance, it could prompt investors who bought DOGE at this price to de-risk once they break even.

The current market lull may also present a buying opportunity. Since June, DOGE has experienced its lowest social volume in the past year, ranging between 131 and 145. Additionally, DOGE’s Market Value to Realized Value (MVRV) 30-day ratio at -8% could signal a buying opportunity in anticipation of future price growth.

However, it’s important to note that DOGE has underperformed compared to other top 100 meme coins. Projects like PEPE, WIF, BONK, FLOKI, and BRETT have attracted significant capital and new users, while DOGE has lagged behind.

As a result, DOGE may be slower to respond to bullish market triggers compared to the 2020/2021 cycle when it was the leading meme coin in the top 100.

In the short term, DOGE could see several shorts liquidated if it rises to $0.111, which has a liquidation leverage of 52.43, according to Coinglass data.

Meanwhile, Ethereum-based meme coin MOG has emerged as a standout cryptocurrency in the top 200, with a 17% increase over the past week.