Dogecoin News Today: Drops 7% Intraday as $0.17 Support Level Comes Under Threat

As of June 13, 2025, Beijing time, the latest global trading price of DOGE is $0.1756, reaching a high of $0.18445 and a low of $0.17046 in the past 24 hours, with a trading volume of 155 million DOGE. The price continues to fluctuate between $0.17 and $0.185, with both bulls and bears fiercely contesting around the key support level.

Political Decision Impacting Market Confidence

In early June, Elon Musk announced his resignation as the chief advisor of the Trump administration’s “Efficiency Department” (DOGE), a decision that quickly triggered a chain reaction in the market. After the news broke, DOGE plummeted 10% in a single day, with a cumulative decline of 22% over the past week. The conflict between Musk and Trump subsequently became public, with both sides even threatening to cancel government contracts and SpaceX’s “Dragon” spacecraft services, further undermining market confidence in DOGE.

This impact highlights the high dependence of DOGE on Elon Musk’s personal influence. Historical data shows that Musk has repeatedly driven DOGE to surge: after Tesla accepted dogecoin as payment for goods in 2022, its price rose more than 15% in a single day; in 2023, after he changed the Twitter logo to the DOGE icon, its price skyrocketed over 30% in one day. Now, as his influence wanes, community engagement and Google search volume have plummeted by 70% since April, and trading volume has shrunk by 40%.

Technical Analysis Bull-Bear Showdown: Abyss or Pre-Eruption?

Bear Alert: The daily chart shows that DOGE has fallen below the 20-day moving average ($0.22253) and the 50-day moving average ($0.19578), with key support moving down to $0.188. If it fails to hold, it could drop to $0.15 (a 21% fall), and in extreme cases, even drop to $0.05 (a 74% fall).

Bullish signals: Some analysts point out that a solid support has formed in the range of $0.18650 to $0.19000. The 2-hour chart shows that the RSI has rebounded to 44.07, indicating a slight bullish divergence. Notable trader Trader Tardigrade also discovered that the stochastic indicator has pulled back to the midline, suggesting that DOGE may enter an “explosive phase”. If it breaks through the resistance level of $0.21, it could trigger a 50% surge.

Whales Entering and Market Sentiment Divergence

On-chain data captures institutional movements: On June 10, a transfer of 20 million USD worth of DOGE was made to Coinbase, interpreted as a signal of whale or institutional investor entry. The options market also reveals bullish bets, with the expiration options for December 2025 densely distributed in the 1.2 - 1.5 USD range, indicating that some funds expect a long-term rebound.

However, retail sentiment remains cautious. The trading volume of DOGE on the Binance platform has decreased by nearly 40% in the past 10 days, as investors choose to wait and see amid unclear directions. This divergence has caused the price to be trapped in narrow fluctuations, with the 30-day moving average falling below the 200-day moving average, and the RSI hovering around 40, indicating that more momentum is needed to establish a trend.

June Outlook: Turning Point in the Storm

The short-term direction will depend on two key levels:

• Downside risk: If the support level at 0.188 dollars is breached, it may trigger a sell-off, targeting a drop to 0.15 dollars.
• Upside opportunity: If it breaks through the psychological barrier of 0.200 dollars with increased volume, it may challenge the range of 0.215 - 0.25 dollars, with optimistic predictions seeing it reach 0.259 dollars.

With the shift in regulatory attitudes (DOGE is no longer seen purely as a Memecoin) and the Grayscale DOGE ETF application entering a critical stage, institutional funds may become a variable that breaks the deadlock. In June, DOGE stands at the crossroads of technical and news factors.