Dogecoin Plummets 63.90% as Bitcoin Struggles

Dogecoin has experienced a significant price correction, leaving investors questioning the future of the meme coin that once reached near $0.49 in late 2024. As of early June 2025, DOGE is trading at $0.17557, marking a steep 63.90% decline from its December highs. The wider altcoin market is also struggling, largely due to Bitcoin’s plunge to test the $101,000–$98,000 support zone. However, analysts suggest that if BTC stabilises at these levels, DOGE could stage a significant rebound.

Dogecoin, currently the ninth-largest cryptocurrency with a market cap of $26.22 billion, has seen better days. The coin soared to $0.48562 in December 2024, but investor sentiment quickly cooled as macroeconomic headwinds intensified and Bitcoin began retracing. The correction in BTC has had a cascading effect on altcoins, and DOGE is no exception. With the token now hovering around $0.17557, many are eyeing whether this price marks the bottom or if a further breakdown could occur. Notably, key support sits just above the $0.15 range, and multiple technical indicators suggest that DOGE could soon see an uptick if it holds above these levels.

According to CoinCodex, Dogecoin could climb by 17.86% over the next month, potentially reaching $0.202433 by 6 July 2025. This projection aligns with technical signs that show bullish divergence on higher time frames, although shorter intervals remain bearish. Analysts tracking DOGE on X believe the coin is still on a bullish trajectory in the daily chart, with oversold RSI levels and strong buying activity at recent lows. However, some argue that a bearish flag breakdown has already occurred, implying the potential for further declines unless DOGE reclaims higher support zones quickly. Immediate resistance lies in the $0.17185–$0.16363 and $0.15984–$0.15193 ranges. A strong bounce from these levels could push DOGE towards $0.19 or even $0.26 if Bitcoin stabilises.

Much of Dogecoin’s price action continues to be influenced by external political and economic developments, particularly tensions between key crypto influencers. A public disagreement between Elon Musk and Donald Trump over the tax bill has muddied investor confidence. This split in leadership sentiment has likely weighed on cryptocurrency enthusiasm across the board. Meanwhile, market-wide volatility—especially tied to Bitcoin’s struggle at the $100,500 level—adds another layer of risk. If BTC fails to regain upward momentum soon, DOGE may continue to struggle along with other altcoins.

Despite the bearish pressure, DOGE appears to be sitting at a pivotal support level. Traders are watching for a decisive move past $0.19, which could pave the way for retests of $0.26 and potentially higher if bullish volume returns. Still, the road ahead remains uncertain. If DOGE loses its current support, a breakdown towards $0.14 or below cannot be ruled out. Much will depend on macroeconomic conditions, influencer activity, and the strength of the next BTC trend.