Dogecoin Price Plummets to 2023 Lows Amid Rising Liquidation Risk

Dogecoin's price has plummeted to its lowest level since November 2023, breaching the $0.07 support and dropping to $0.068.

The memecoin's downward momentum was strengthened by a broader crypto pullback, with its trading volume climbing 57% to $866 million over the same period.

Rising liquidation risk prompted leveraged traders to reduce their exposure, leading to increased sell activity and net selling of $1.385 billion in Dogecoin's perpetual market.

The Relative Strength Index (RSI) fell to 31.34, placing DOGE close to oversold territory, but the near-oversold reading could attract dip buyers and potentially lead to a rebound.