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Dogecoin has seen a major drop in volume since hitting two-year highs back in November 2024. This volume drop has been followed by large declines in the DOGE price, leading to over 50% of the meme coin’s value that has been lost in less than six months. With the volume remaining muted, it is possible that this price drop could continue and plunge investors into even more losses.
Dogecoin Daily Volume Remains Below $5 Billion
Over the last four months, the Dogecoin daily volume has been seeing a steady volume plunge. The daily volume hit a high above $60 billion on November 13, 2024, but by the end of March 2025, the daily trading volume dropped below $3 billion, resulting in an over 90% drop in volume in only four months.
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Since then, Coinglass data shows there has been some increase in the daily trading volume. However, it is far from notable as the daily average for Dogecoin has come out below $5 billion for the entire of April 2025 so far. This drop in volume also coincides with the price decline, which suggests that unless there is a change in the volume, the Dogecoin price could continue to struggle.
As a result of the price decline, long traders have suffered the most as bears reclaimed control of the crypto market. On Sunday, with over $4 million in liquidations, over 80% were from long traders as declines mounted due to the bearish pressure.
Most of the decline has been driven by Donald Trump’s tariffs, which have caused the stock market to hit its worst crash since 2010. This has translated into a bear market, with the Bitcoin price falling toward $80,000. Altcoins like Dogecoin have naturally suffered more losses due to their highly volatile nature of being meme coins and have dropped by more than 50% compared to Bitcoin’s 25% decline.
Not Everyone Is Bearish
Despite the overwhelming bear pressure that has blanketed the crypto market, bullishness around the Dogecoin price continues to rise. One of those who have remained steadfast in their bullishness is crypto analyst Trader Tardigrade.
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In an X (formerly Twitter) post, the crypto analyst pointed out similarities to the 2016 and 2021 cycles where the Dogecoin price saw notable moves. According to the chart, there have been similar formations pointing to a possible surge for DOGE.
If this plays out accordingly, then the DOGE price could be staring down an over 1,500% increase in price as the crypto analyst has set the target as high as $2.1. “Dogecoin is about to Surge again,” the analyst said.
Chart from TradingView.com