- DOGE price fell 8% in a single day, dropping from $0.22 to $0.21.
- Trading volume surged to 1.25 billion DOGE, far above the daily average of 365 million.
- Major resistance held at $0.23, with support forming around $0.21.
- Institutional investors and Bit Origin accumulated over 350 million DOGE during the decline.
- Broader crypto markets remain affected by economic uncertainty and inflation concerns.
The price of Dogecoin (DOGE) declined sharply between July 31 and August 1, falling 8% from $0.22 to $0.21. The drop took place within a 24-hour span and saw DOGE trade in a wide $0.03 range, with the highest point at $0.23 and the lowest at $0.20. The movement was marked by significant resistance near the upper range and stabilization close to session close.
In the last hours of the session, trading volumes spiked, reaching 1.25 billion DOGE — nearly triple the previous daily average. Increased trading activity, especially at midnight, signaled heavy selling and liquidations, which are automatic closures of leveraged positions after price drops.
According to market data, institutional wallets acquired around 310 million DOGE during the price correction, indicating that some large investors bought during the dip. Bit Origin added 40 million DOGE to its corporate treasury as part of a $500 million strategic diversification program. Support at $0.21 emerged during the selloff, while $0.23 resistance held firm despite attempts to break higher.
Broader cryptocurrency markets continued to face pressure, with investor sentiment influenced by ongoing uncertainty about inflation trends and future interest rate decisions. Analysts noted that macroeconomic risks, such as unclear inflation paths and global equity performance, contributed to a cautious outlook for risk assets like cryptocurrencies.
DOGE saw its largest hourly drop soon after midnight on August 1, hitting its lowest value of $0.20 before rebounding to $0.21. During the final trading hour, DOGE recorded a modest 1% gain on balanced volume, suggesting potential short-term price stabilization. The narrowing of price movement into a tight range could signal a base forming after the selloff.
Traders are watching to see if DOGE can hold above the $0.21–$0.20 support level in the immediate term and whether wallet accumulation during the drop continues. Market observers also point to DOGE’s inclusion in Bit Origin’s treasury and broader economic events as possible influences on future price action.
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