Dogecoin News Today: Dogecoin Plunges 7.73% in Early August Amid Broader Crypto Selloff

The Dogecoin price is currently experiencing a bearish trend in early August 2025, with reports showing a decline of more than -7.73% as of July 31, closing at $0.205 [1]. This downturn aligns with historical patterns indicating that the month of August has frequently been a challenging period for the meme coin. Over the last 11 years, Dogecoin has seen seven red closes, with a median return of -9.98% and an average of -0.79%. The last three years have been particularly rough, with average losses of -10% and declines of 17.9% in 2023 and 16.9% in 2024 [1].

The broader cryptocurrency market has also been affected, with Bitcoin dipping below $113,000 following a revised jobs report that reduced both May and June’s nonfarm payroll figures by 258,000 combined. This has heightened concerns about a weak labor market and increased the likelihood of a Federal Reserve rate cut in September to 81% [2].

Amid the bearish sentiment, some analysts remain cautiously optimistic. Tom Lee, CEO of Fundstrat, argues that the current corrections represent potential buying opportunities rather than reasons to panic sell [2]. Influential investors are already positioning themselves for a possible market rebound, with lower August prices potentially signaling a stronger September performance. IncomeSharks, a prominent crypto influencer, has similarly encouraged investors to treat the current dip as a chance to “buy the dip” [2].

However, the economic landscape remains complex. Persistent inflation and weak job growth raise concerns about the possibility of a recession or stagflation, which historically limit the upside for crypto markets that thrive on strong economic expansion and cooling inflation [2]. Analysts are urging investors to monitor key support levels and adopt long-term strategies, as the short-term outlook for Dogecoin remains bearish. The market is now closely watching for signs of a reversal that could come with the expected Fed action in September [1].

Dogecoin bulls have initiated another upward push, as seen on TradingView, but the broader market volatility and macroeconomic uncertainties mean patience and a focus on fundamentals remain key [2].

Source:

[1] Dogecoin Cryptocurrency Price Forecast. Should You Buy ... (https://stockinvest.us/stock/DOGEUSD)

[2] Is It Time To Sell Crypto? Prices Crash On Massive Jobs ... (https://en.cryptonomist.ch/2025/08/02/is-it-time-to-sell-crypto-prices-crash-on-massive-jobs-data-downward-revision/)