Institutional Selling Pressure Sends Dogecoin Down 11% in Market Rout

Dogecoin Drops 11% as Institutional Selling Triggers Breakdown; $0.23 Support in Focus

Dogecoin (DOGE) saw a sharp 11% decline between July 23 and 24, falling from $0.26 to $0.24 as large-scale institutional selling intensified. Despite a brief bounce off the $0.23 mark, the asset failed to reclaim higher levels, repeatedly rejecting resistance around $0.24–$0.25.

Over 2.26 billion DOGE changed hands during the drawdown, marking one of the highest intraday volume spikes in recent weeks. Analysts pointed to widespread profit-taking from major holders and persistent macro-driven fragility across the altcoin sector as key catalysts for the selloff.

Market Highlights

• 24-Hour Price Decline: DOGE fell from $0.26 to $0.24, posting an 11% loss
• Peak Selling Window: Most of the downside occurred between 13:00–17:00 GMT, with $0.25 acting as firm resistance
• Temporary Support: Price briefly stabilized at $0.23 before faltering again
• Final Hour Drop: DOGE lost another 1.45% near session close on high-volume liquidation
• Volatility: Intraday range of over 12%, driven by institutional exits

Broader Market Context

The broader crypto market remains under pressure amid hawkish global policy signals and rising risk aversion. Earlier speculative optimism around Bit Origin’s DOGE-related treasury news has since cooled, with trendline breakdowns and weak technical structure compounding bearish sentiment.

Technical Overview

• Resistance Zone: $0.24–$0.25 saw multiple rejections on elevated volume
• Support Watch: $0.23 remains critical; a breakdown could trigger a move to $0.21
• Momentum Indicators: RSI sits in oversold territory, but no bullish divergence has emerged
• Volume Insight: Selloff volume profile points to institutional-led selling, not retail capitulation

Trader Outlook

Market participants are closely eyeing the $0.23 level for signs of stabilization. Failure to hold could deepen losses toward $0.21, while a clean breakout above $0.25 with volume might indicate a short-term recovery. Elevated volatility and whale activity are expected to remain key drivers in the near term.