Summary
- Dogecoin (DOGE) plunged nearly 10% in one day due to strong selling pressure from institutional investors.
- According to CoinMarketCap, the price of Dogecoin is $0.2360, down 9.28% compared to the previous day.
- CoinDesk stated that Dogecoin failed to break through the $0.25 resistance level, increasing downside risk.
Due to increased selling pressure from institutional investors, Dogecoin (DOGE) plunged nearly 10% in just one day.
According to CoinMarketCap, a virtual asset market tracking site, Dogecoin was trading at $0.2360 as of 5:48 PM on the 24th. This represents a 9.28% drop from the previous day.
The decline is attributed to heavy selling by institutional investors. CoinDesk reported, "Dogecoin experienced a sharp downtrend from the 23rd to the 24th due to continued selling pressure from institutional investors," adding, "It failed to break through the $0.25 resistance level, amplifying downside risks."
JOON HYOUNG LEE
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