DOGE (Dogecoin) down 3.58% in the last 24 hours

Gate News Bot Message, December 18th, according to CoinMarketCap data, as of press time, DOGE (Dogecoin) is trading at $0.13, down 3.58% in the past 24 hours, with a high of $0.14 and a low of $0.12. The 24-hour trading volume reached $1.533 billion. The current market cap is approximately $19.064 billion, a decrease of $0.707 billion from yesterday.

Dogecoin is an open-source peer-to-peer digital currency that uses blockchain technology to achieve decentralized storage. Known as “the people’s cryptocurrency,” DOGE is widely recognized for its friendly community atmosphere and unique cultural core. Dogecoin’s core philosophy is “Do Only Good Every Day,” promoting community mutual aid, knowledge sharing, charity fundraising, and other friendly behaviors. As one of the few cryptocurrencies used as actual circulating currency since its inception, DOGE features very low transaction fees and an efficient payment experience. The coin is a fork of Bitcoin’s code, employing a proof-of-work consensus mechanism, and is currently ranked 9th in global cryptocurrency market capitalization.

Important recent news about DOGE:

1️⃣ Macro risk appetite shifts to defensive, derivatives liquidation drives decline

After the Federal Reserve’s rate cut decision was announced, the market shifted to a defensive mode. Although the 25 basis point cut was in line with expectations, internal disagreements within the policy committee over future easing paths intensified, undermining the appeal of risk assets. In this context, high-volatility meme coins were hit hardest. Bitcoin fell below $90,000 over the weekend, triggering large-scale chain liquidations, as market funds prioritized exiting high-beta assets. The derivatives market was the main driver of this decline, with $514 million in positions liquidated in the past 24 hours, including $376 million in longs, far exceeding shorts. Active deleveraging by traders put pressure on DOGE prices, reflecting how macro environment changes directly impact meme coins.

2️⃣ Institutional investors continue to sell off, spot ETF products lack appeal

While the DOGE spot ETF products launched by Grayscale and Bitwise drew market attention, fund inflows were far below expectations. Grayscale’s DOGE ETF saw only $177,000 in net inflows in a single day, and Bitwise’s DOGE ETF had no net inflows. Combined, the funds under management are far below the performance of Bitcoin and Ethereum ETFs during the same period. The total net asset value of the ETFs is only $6.99 million, with a net asset ratio of just 0.03%, fully reflecting institutional investors’ cautious attitude toward meme coins. Amid high trading volumes, sustained selling pressure driven by institutional or algorithmic trading has pushed DOGE down from its highs, indicating that institutions do not consider it a key allocation asset.

3️⃣ Policy name effect dissipates, Elon Musk clarifies exit from DOGE project

Elon Musk recently stated that he will no longer participate in the government efficiency department (DOGE) project, claiming that the department was “somewhat successful” but he will not undertake similar projects again, instead focusing on SpaceX, Tesla, and other commercial ventures. This shift marks the complete disappearance of the conceptual support previously associated with the “government efficiency department” name. Musk openly said that investing energy in Dogecoin is less important than managing his own companies. This statement effectively severs the connection between the coin and his personal influence. The withdrawal of the policy leverage effect has reaffirmed the market’s view of DOGE as a pure meme coin, exerting downward pressure on its price.

4️⃣ Community incentive measures fail to offset macro shocks, on-chain activity and price diverge

Gate launched the second phase of the “Earn Coins Together” invite friends event, with a total prize pool of 2,400,000 DOGE. Users can invite friends to share red envelope rewards, with a maximum of 500 DOGE per single invitation. However, in the context of declining macro risk appetite, such community incentives are insufficient to support the price. On-chain data shows DOGE active addresses hit a new high since September, but whale trading activity has sharply declined to a 60-day low. The improvement in fundamentals contrasts sharply with technical weakness, fully illustrating that the overall decline in market risk appetite outweighs the positive impact of increased community activity.

From a technical perspective, DOGE’s key support level is around $0.137. If the bottom range of $0.136–$0.140 remains stable, there is still a short-term chance to rebound to $0.16. However, weak trading volume remains a core factor limiting sustained rebounds. If the price falls below $0.136 again, the downside could target $0.12 or even $0.10. Under the dual pressure of ongoing institutional selling and macro uncertainty, DOGE remains a typical risk asset. Traders should carefully assess its long-term value and market sentiment changes.

This message is not investment advice; please be aware of market volatility risks.