DOGE Price Hits 2023 Lows as Bearish Momentum Intensifies

Dogecoin (DOGE) plummeted to 2023 lows after breaching its $0.07 support level, dropping to $0.068 on July 23rd and 24th.

The memecoin's downward momentum strengthened amid a broader crypto pullback, with trading volume increasing by 57% to $866 million over the same period, according to CoinGlass.

Leveraged traders were hit hard, with $8.20 million worth of long positions liquidated in just 24 hours, compared to only $552,490 in short liquidations.

The futures market also saw significant capital outflows, with Futures Outflows reaching $520.41 million and Futures Inflows standing at $425.94 million, resulting in a decline of 361.34% in the Futures Netflow.