Dogecoin News Today: Dogecoin's Price Plunge Pits Institutional Hopes Against Market Volatility

Dogecoin (DOGE) fell 5.5% as its critical $0.1940 support level fractured under a surge in trading volume, according to a Coinotag report. The decline marks a reversal for the meme-based cryptocurrency, which had previously stabilized around $0.20 after holding its $0.18 support level amid rising decentralized finance (DeFi) activity, per the Coinotag report. Total value locked (TVL) in Dogecoin-related DeFi protocols reached $18.04 million, a 5.10% increase over the past 24 hours, signaling growing adoption but failing to prevent the recent sell-off. Analysts attribute the breakdown to a combination of profit-taking and broader market volatility, with the price now testing lower support zones within its long-term ascending channel established since 2022.

The move comes as institutional and retail interest in Dogecoin intensifies. Webull Corporation, a Nasdaq-listed investment platform, recently expanded its crypto futures offerings to include Dogecoin, alongside Solana and XRP, according to a Cryptorank post. The addition allows U.S. investors to trade leveraged positions on the asset, potentially increasing liquidity and price exposure. Meanwhile, Unichain, the Ethereum Layer 2 network launched by Uniswap Labs, announced support for Dogecoin through its Universal protocol, enabling faster, cheaper transactions and bridging the token into the Ethereum DeFi ecosystem, as reported by The Block. These developments highlight Dogecoin's evolving utility beyond its meme status, though the recent price action suggests market participants remain cautious.

Technical indicators show Dogecoin trading within a long-term ascending parallel channel, with the $0.18 level previously acting as a reliable buying zone, according to the Coinotag report. However, the recent breakdown below this level raises concerns about a potential retest of lower support zones at $0.045 and $0.125, as outlined by analysts at Cryptollica. If buyers defend the $0.18 level, the price could rebound toward $0.25 and eventually $0.33, aligning with the channel's upper boundary. The asset's fully diluted valuation of $30.78 billion remains in near parity with its circulating supply, indicating minimal inflationary pressure, per the Coinotag report.

Chain revenue for Dogecoin hit $2,314 in the past 24 hours, reflecting robust transaction throughput and balanced network usage, as noted in the Coinotag report. This data, coupled with a market cap of $30.77 billion, underscores the asset's resilience despite its meme-driven origins. Analysts from platforms like Ali Charts and Cryptollica emphasize that sustained defense of key supports could reignite the upward trajectory observed in 2022.

The recent volatility has also drawn attention to Dogecoin's role in broader crypto market dynamics. Webull's expansion of futures trading and Unichain's Layer 2 integration signal growing institutional acceptance, even as retail traders remain divided on its long-term prospects. With DeFi adoption metrics climbing and new trading products entering the market, Dogecoin's price action will likely remain a focal point for investors navigating the evolving crypto landscape.