Meme Coin Suffers Sharp Pullback as Institutional Selling Intensifies
Dogecoin (DOGE) plunged 12.5% over the past 24 hours, falling from $0.193 to a low of $0.169, as escalating tensions between Donald Trump and Elon Musk added to a risk-off tone in crypto markets. The correction comes amid broader institutional repositioning and growing uncertainty around macroeconomic policies.
Musk Comments Fuel Speculation — and Sell-Off
Once a reliable bullish trigger, Elon Musk’s support for DOGE took a bearish turn after he announced the Department of Government Efficiency (DOGE) — a symbolic nod to the meme coin — would be “shut down” following the completion of its objectives. This, combined with his recent public spat with former President Trump, appears to have unnerved investors already on edge due to global trade and inflation concerns.
Key Technical Levels and Volume Spike
- Current Price: $0.17543
- 24h Decline: -12.5%
- Heavy Sell-Off: 16:00–20:00
- Trading Volume: Over 1 billion DOGE (nearly 5x daily average)
- Resistance Zone: $0.190
- Support Zone: $0.169–$0.170
- Accumulation Signs: Observed at $0.171–$0.172, with intraday buying at 01:23, 01:34, and 01:50
DOGE has since stabilized above $0.171, forming a short-term consolidation pattern, though the market remains fragile.
Broader Market and Investor Sentiment
The decline in DOGE is part of a broader crypto retracement as institutional investors prepare for potential changes in monetary policy, trade regulations, and political leadership. Unlike prior cycles where social momentum could override fundamentals, DOGE now faces stronger headwinds in reclaiming critical resistance levels without a clear bullish catalyst.
Elon Musk’s influence remains potent, but fading retail enthusiasm and rising institutional distribution may limit DOGE’s upside in the near term unless new catalysts emerge.
Outlook: Key Watch Points
- A break above $0.190 would be needed to restore bullish momentum.
- Sustained support above $0.170 could lead to consolidation and potential base-building.
- Market remains highly reactive to macro and political headlines, particularly involving Musk.
Conclusion
Dogecoin is navigating a volatile zone with sentiment turning cautious. Unless momentum returns quickly, DOGE could continue to consolidate or test deeper support levels amid uncertain market conditions.