Dogecoin Loses $300,000 in an Hour… After Breaking Below $0.10, Where Is the Bottom?

▲ Dogecoin (DOGE) / ChatGPT-generated image

Dogecoin (DOGE) is experiencing heightened volatility and weakening investor sentiment as it records a historic liquidation imbalance in the futures market.

According to cryptocurrency outlet U.Today on February 18 (local time), Dogecoin underwent a record-breaking 12,928% liquidation imbalance among long-position traders within a single hour, triggering a price correction. Citing data from crypto analytics platform CoinGlass, approximately $304,860 worth of long positions were forcibly liquidated in just one hour as the price declined. This indicates that traders who had aggressively bet on a market rebound were unable to respond to the sudden downturn.

Over the past 24 hours, Dogecoin has fallen 2.71%, slipping below the key psychological support level of $0.10. The token has plunged about 28.02% over the past 30 days. Although it reached an intraday high of $0.103 at one point, it is currently trading around $0.09873. Trading volume has also dropped sharply, down 31.38% from the previous day to $1.08 billion, signaling growing investor caution.

The latest decline mirrors the broader downturn across the cryptocurrency market, including Bitcoin (BTC). As Bitcoin fell more than 1.45%, capital rotation accelerated from riskier assets such as Dogecoin into relatively safer holdings. Market analysts warn that if Dogecoin fails to defend the $0.0937 support level, further downside may be unavoidable.

However, some positive technical signals have emerged. Dogecoin’s open interest surged 12% over the weekend, reflecting sustained market attention. Analysts also point to a Golden Cross that formed about a week ago as a potential catalyst for a longer-term rebound. With the asset currently entering oversold territory, a reclaim of the $0.10 level could pave the way for a renewed rally.

Ultimately, Dogecoin’s next move will depend on Bitcoin’s price stabilization and whether key resistance levels can be broken. Market participants are closely watching whether a new support base formed after the massive liquidation event proves durable, bracing for the next wave of volatility. Shifts in capital flows across the broader meme coin sector are expected to serve as a critical turning point for Dogecoin’s short-term price direction.

Disclaimer: This article is for investment reference only and we are not responsible for any losses resulting from decisions based on this information. The content should be interpreted for informational purposes only.