On Saturday, June 7, Dogecoin (DOGE) experienced a sharp 56% decline in trading volume, according to data from CoinMarketCap. Historically, such a steep drop in volume often signals the potential for further price weakness, though DOGE has shown mixed signals in the short term.
At the time of writing, Dogecoin is trading at approximately $0.1869, reflecting a 4.89% increase over the past 24 hours.
Its market capitalization currently stands at $27.96 billion, with 24-hour trading volume rebounding to $922.18 million — a 56.46% rise from the prior day.
Dogecoin’s fully diluted valuation (FDV) matches its market cap, and its volume-to-market cap ratio is 3.33%. The total supply of DOGE remains steady at 149.58 billion tokens.
DOGE price action on Friday had turned bearish, aligning with a broader crypto market sell-off. Investors reacted to mixed macroeconomic indicators, prompting a wave of profit-taking and reversing the bullish momentum that had driven markets higher in previous weeks.
Musk’s fallout
Dogecoin’s price movements have long been tied to Elon Musk’s activity and public statements. After his resignation from the Department of Government Efficiency (D.O.G.E.), the meme coin’s performance appears to have become less reactive to his influence — though not entirely disconnected.
Recent tensions between Musk and the U.S. President have sparked turbulence in broader markets. Tesla shares plunged sharply on Thursday, erasing $152 billion in market capitalization — the largest single-day loss in the company’s 15-year public history.
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This event sent shock waves through Musk-affiliated assets, including Dogecoin, which often benefits from his endorsements or suffers during controversies.
As Dogecoin’s technical indicators flash mixed signals and macro uncertainty continues, traders are watching closely to determine whether this bounce in price and volume is the start of renewed momentum or just a short-lived reaction.