Dogecoin Price Breakdown: Will DOGE Fall Further Before a Long-Awaited 2x Rally?

DOGE slips below key support as bearish momentum builds. Traders eye short-term drops and long-term ETF hopes while Solaxy (SOLX) emerges as a rising meme coin contender.

Dogecoin (DOGE) is once again at the center of attention as traders reassess its trajectory amidst a market riddled with conflicting signals. While DOGE’s long-term community support remains strong, the recent technical setup hints at further downside—at least for now.

In the past 24 hours, DOGE slipped by 2%, flattening its weekly performance to just a 1% gain. This slight uptick followed a short-lived micro uptrend, during which buyers attempted to reestablish momentum by forming a higher low. That support, however, has since broken.

Widening the lens, the trend looks unmistakably bearish. DOGE has declined 13.39% over the past month, wiping out short-term bullish gains and breaking below key support levels. Most notably, the token fell through the higher low at $0.18892—a move many traders view as a clear trend reversal.

Technical indicators reinforce this bearish outlook. DOGE now trades below all major moving averages, confirming a loss of short-term momentum. After six days of bullish strength, the rally faded, giving way to what some call an “opium pump”—a quick spike with no follow-through.

According to the latest chart analysis, DOGE could see an additional 4.3% drop if bearish momentum continues. Though some analysts still point to a potential long-term ascending triangle forming, that breakout remains a distant hope—not an imminent reality.

External catalysts could shift the narrative. The crypto community is closely watching the SEC, which is expected to make key rulings on altcoin ETFs in the coming months—including proposals linked to Dogecoin. A green light here could ignite a price rally, but most analysts agree that DOGE-specific ETFs are likely premature, especially after the recent approval of Bitcoin and Ethereum-based ETFs.

Despite having reached market caps of $67 billion, $69 billion, and even $73 billion in previous cycles, Dogecoin is currently valued at around $28 billion. A return to December 2023’s price levels would equate to a 2x move from today—but based on current sentiment and technicals, such a leap seems unlikely in the near term.

For now, traders appear more interested in short-term strategies. Scalping DOGE and targeting small moves—such as the expected 4.3% drop—may offer better risk/reward opportunities than holding out for an explosive comeback.

Meanwhile, eyes are also turning to a new player on the meme coin stage: Solaxy (SOLX).

Next Meme Coin to Watch: Solaxy (SOLX)

Solaxy, a new Solana-based Layer-2 solution, is closing out one of 2025’s most hyped presales. With nearly $50 million raised and only two days left before its token ($SOLX) hits exchanges, Solaxy is positioning itself as more than just another L2.

Its standout features include a Hyperlane-powered bridge that allows seamless transfers between Solana, Ethereum, and Solaxy without wallet switching or long wait times. The Igniter Protocol further sets it apart—it enables users to create meme coins without writing code, with auto-listing on Solaxy’s native DEX once trading opens.

Solaxy also boasts a developer suite that includes a real-time block explorer, aiming to be a full ecosystem rather than a collection of tools. $SOLX, the native token, is central to governance, gas, and utility across the platform.

Adding to the excitement, the Solaxy team recently burned 35 billion $SOLX tokens—roughly $62 million worth at presale prices—slashing 25% of the total supply just before launch. Tokens are now priced at $0.001758 until the presale closes on Monday, June 16 at 2PM UTC.

As DOGE’s next move remains uncertain, traders searching for meme coin momentum may find it in the rising star of SOLX.

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