DOGE Battles Bears as 877M Tokens Crash Through Key Support

Dogecoin tumbled 5% in 24 hours as a volume shockwave of nearly 878 million tokens crushed the $0.201 support. Bears are in control, and bulls must reclaim $0.201 to prevent further losses.

Dogecoin (DOGE) faced a turbulent session on Monday, dropping over 5% within a day as selling pressure reached critical levels. The memecoin slid from $0.21 to $0.198, erasing last week’s momentum and dragging the entire meme sector with it.

The pivotal moment came around 14:00 UTC on August 5, when DOGE experienced an explosion in volume—877.9 million tokens exchanged hands, shattering the critical $0.201 support zone. This spike was over 3× higher than its average daily activity, overwhelming buy orders and sending the token into a tailspin. The coin closed at $0.1985 after several failed rebound attempts, with bearish sentiment firmly in place.

Throughout the day, Dogecoin fluctuated between $0.198 and $0.211. Initial strength early in the day—hovering around $0.211 at 01:00—quickly faded. By mid-afternoon, DOGE broke below $0.205, and later plummeted to $0.1975 during a rapid 19-million-token sell-off—70 times the usual hourly volume.

DOGE wasn’t alone. Meme coins broadly suffered as enthusiasm cooled and larger holders took profits. Although DOGE teased a mini-rally earlier in the week, the breakdown below $0.205 marked a key psychological shift. Volume now surges on every dip but remains muted during recovery attempts, signaling strong bearish control.

Traders are watching $0.198 closely. If that level fails to hold, the next likely destination is $0.185. Bulls, on the other hand, need to reclaim $0.201 quickly to avoid further downside acceleration. With momentum favoring sellers and rebounds falling flat, the outlook remains bearish unless volume reverses in favor of demand.

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