Dogecoin’s (DOGE) 24% Plunge Sparks Frenzy: Is the $1 Dream Dead?

• Dogecoin plunged 24% in 24 hours, dropping from $0.3061 to $0.2117 before recovering slightly. Trading volume spiked 349%, reaching $9.59 billion.
• Whales dumped 270 million DOGE, signaling increased selling pressure. This liquidation contributed to the sharp price decline.
• DOGE must rise 372% to hit $1, but projections suggest a maximum of $0.2272 this month. A major rally may happen later this year.

The cryptocurrency market took a heavy hit over the weekend. Most digital assets suffered sharp declines, with Dogecoin (DOGE) among the biggest casualties. The meme coin saw a brutal 24% drop in a single day, raising concerns about its future.

Dogecoin opened the day strong, trading at $0.3061. But within hours, the price collapsed to $0.2117 before stabilizing at $0.2307. The sudden drop erased weeks of gains.

Despite the plunge, DOGE’s trading volume skyrocketed 349%, reaching $9.59 billion. This spike suggests heavy selling pressure, as traders rushed to offload their holdings.

Dogecoin’s history is tied to whales, large holders who control market flows. In recent months, whales accumulated DOGE, fueling optimism. However, the tide turned quickly.

Ali Martinez, a respected analyst, reported that whales dumped 270 million DOGE in just 24 hours. This selling spree added to the price collapse, shaking investor confidence.

Source: X

Can Dogecoin Still Hit $1?

For Dogecoin to hit the long-awaited $1 mark, it needs a 372% surge from its current price. That’s a steep climb.

Market data from CoinCodex suggests a bleak outlook for February. The highest projected price this month is $0.2272, with an average of $0.2055. The $1 dream seems out of reach, for now.

Dogecoin’s future remains uncertain, with both risks and opportunities ahead. In the short term, continued whale sell-offs could push its price below $0.20, keeping downward pressure on the market.

However, the long-term outlook isn’t entirely bleak. DOGE has a history of surprising recoveries, and if broader market sentiment improves or institutional investors step in, a significant rebound later this year is possible. One of Dogecoin’s biggest strengths remains its devoted community. If retail investors maintain confidence and continue accumulating, the meme coin could regain momentum despite recent setbacks.

Dogecoin’s wild ride continues. While $1 remains a distant target, the market remains unpredictable. Whales, retail traders, and external factors will determine the meme coin’s fate in the coming months.