Dogecoin Plunges 5.5% to $0.25: $5B Wiped from Memecoin Market Amid LIBRA Token Collapse
With trading at $0.25 as of February 19, 2025, Dogecoin (DOGE) is under notable market pressure; its past 24 hours show a 5.5% drop. The drop of the leading memecoin coincides with more general market volatility and legislative changes that have shook the crypto industry.
While Dogecoin DOGE/USD has shown remarkable resilience over the past year, with a 198.2% gain since February 2024, current market conditions suggest continued volatility ahead.
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Memecoin Sector Takes $5B Hit as LIBRA Token Crashes 95% from $1.03 Peak
The decline in DOGE prices coincides with several key events:
- The recent failure of the LIBRA token associated with Argentine President Javier Milei, which has triggered widespread selling across the memecoin sector
- Ongoing regulatory tensions between Elon Musk’s Department of Government Efficiency (D.O.G.E) and the SEC
- A broader crypto market correction that has pushed the global cryptocurrency market capitalization down to $3.14 trillion
D.O.G.E. vs. SEC: Regulatory Inquiry Risk DOGE Spot ETF Schedule
Under Elon Musk’s direction, the establishment of the Department of Government Efficiency (D.O.G.E) has given Dogecoin’s market dynamics another dimension. The agency’s probe of the SEC has added more volatility, maybe influencing important events such the imminent DOGE spot ETF approval process.
External Catalysts: “Libragate” Scandal and Bitcoin’s Retreat Below $95,000 Amplify Selling Pressure
Several external factors continue to influence DOGE’s price action:
- Ongoing uncertainty surrounding the “Libragate” scandal
- Broader crypto market correction with Bitcoin retreating from recent highs
- Macroeconomic factors, including pending Federal Reserve interest rate decisions
- Growing integration of Dogecoin into political narratives, particularly following Trump administration initiatives
DOGE/USD Technical Analysis
DOGE Open Interest Plummets 57.6% to $2.3B as Bear Flag Pattern Confirms
The technical indicators for Dogecoin paint a concerning picture for short-term price action:
- A confirmed bear flag pattern after breaking below $0.2660
- Declining open interest (OI) from $5.42 billion to $2.3 billion over the past month
- RSI reading of 35, indicating increasing bearish momentum while remaining above oversold territory
- Critical support levels established at $0.24 and $0.22
However, some bullish signals remain:
- A significant $32.4 million leverage cluster at the $0.24 price level
- Rising trading volumes suggesting potential dip-buying activity
- Funding rates have turned slightly positive at 0.0035%
- Elliott Wave Analysis Projects Potential 2,391% Increase to $6.08. Even with the current downturn.
Elliott Wave Analysis Projects Potential 2,391% Surge to $6.08 Despite Current Downturn
While short-term pressure persists, longer-term analysis presents a more complex picture. Elliott Wave theorists, including analyst “Doge Lord,” project potential significant upside, with ambitious targets ranging from $6.08 to $10 by the end of 2025. However, these projections should be viewed with appropriate skepticism given current market conditions.
Trading Data: $32.4M Long Position Cluster Defends Critical $0.24 Support Level
Trading data suggests a period of consolidation may be ahead:
- Primary resistance level: $0.27 (20-day SMA)
- Critical support: $0.24-$0.22 range
- Bollinger Bands contracting, indicating potentially lower volatility
- Parabolic SAR indicators suggesting continued downward momentum
The immediate focus for traders will be defending the $0.24 support level, which could determine whether DOGE maintains its current range or faces further downside pressure toward $0.22.
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