DOGEUSD – Dogecoin Slides to $0.10 on Memecoin Selloffs
Giving up its slight gains, Dogecoin (DOGEUSD) slipped slightly to $0.1006 in the last trading session of May, driven by profit-taking across memecoins.
The price movement reflects a generally downbeat sentiment amid moderate altcoin rotation. Doge trading volume has reduced sharply by 37% in the last 24 hours to $492 million.
Buying sentiment has continued to fluctuate amid geopolitical instability, which has kept cryptocurrency prices below their peak levels.
Latest trading records across exchanges indicated that top cryptocurrencies are trading lower at press time on Sunday. Total market capitalisation of all cryptos has been flattish at $12.5 trillion.
Dogecoin faces headwinds from weak market sentiment but is bolstered by its new institutional pathway. U.S. spot Bitcoin and Ethereum ETFs saw hundreds of millions in outflows, triggering a broader market de-risking.
Data showed zero flows for the Dogecoin ETF, indicating it was bypassed as capital rotated selectively into other altcoins. This is bearish for DOGE in the short term, as it underscores its sensitivity to shifts in institutional risk appetite and leverage.
Meme majors like DOGE often lose momentum quickly when broader market liquidity contracts. At the beginning of the month, DOGE was performing positively, driven by whales, who were dominating, with an all-time high stash of 108.52 billion Doge, worth $11.6 billion.
Also, Dogecoin spot ETFs were posting more inflows than outflows. This has recently stalled, suggesting negative sentiment toward short-term price movements. BTCUSD Inches Near $77k as Bitcoin Liquidations Ease by 67%
