Dogecoin Volume Drops Over 90% Since 2024 Peak as Price Plunges Below Key Levels

Dogecoin (DOGE) has experienced a dramatic reversal in both price and market activity since reaching its two-year high in November 2024. Once trading with daily volumes exceeding $60 billion, DOGE now sees volume averages below $5 billion, resulting in a more than 90% plunge in market activity.

This collapse in volume has mirrored the coin’s sharp 50% price decline, leaving long-term holders and bullish traders nursing significant losses.

Trading Volume Dips Below $5 Billion

According to Coinglass, Dogecoin’s daily trading volume has been in a consistent downtrend for months. From its $60 billion peak on November 13, 2024, the volume had fallen below $3 billion by March 2025, and April’s average so far remains under $5 billion.

The volume drop correlates closely with a broader market cooldown, and analysts warn that unless volume picks up again, DOGE could face further downside risk.

Liquidations Surge as Bears Take Control

In the wake of these volume and price declines, long traders are bearing the brunt of the losses. On Sunday, over $4 million in Dogecoin positions were liquidated, with 80% of the positions being longs, highlighting the market’s bearish tilt.

A major catalyst behind this market-wide retreat is U.S. President Donald Trump’s latest tariff policies, which have sparked fears of a global economic downturn. The resulting impact on traditional markets has translated into a brutal correction in crypto, with Bitcoin falling toward $80,000 and altcoins like Dogecoin suffering even steeper declines.

DOGE Falls Harder Than Bitcoin

Dogecoin has dropped over 50% in value over the past six months, while Bitcoin’s losses remain closer to 25%. The disparity reflects DOGE’s higher volatility and speculative nature, common among memecoins, which typically react more sharply to macroeconomic pressure.

Analysts See Bullish Patterns Despite Downtrend

Amid the negative sentiment, some crypto analysts remain optimistic. Trader Tardigrade, a prominent figure on X (formerly Twitter), pointed to similar technical setups from Dogecoin’s 2016 and 2021 cycles.

The analyst suggested that DOGE is currently forming a pattern reminiscent of past explosive rallies, and if history repeats, the price could skyrocket by over 1,500% — hitting a target as high as $2.10.

“Dogecoin is about to Surge again,” he claimed in a recent post.

What’s Next for Dogecoin?

Dogecoin’s next moves depend heavily on two factors: market-wide sentiment and a return in trading volume. If macroeconomic fears ease and trading activity picks up, DOGE may stand a chance at reclaiming some of its recent losses. Otherwise, a prolonged bear market could continue pushing prices lower.

For now, Dogecoin holders remain caught in the crossfire of global uncertainty and shifting crypto momentum, watching to see whether this meme giant can mount a comeback — or if it will continue its downward slide.