DOGE Token Sees 5.68% Drop Amid $2.14M Leveraged Futures Bet and Surging Trading Volumes

Dogecoin (DOGEUSDT) has experienced notable price volatility in the last 24 hours, with its price declining by 5.68% from an open of 0.13686 to 0.12909 on Binance. This movement is primarily attributed to persistent bearish sentiment following a significant price drop and the breakdown of key support levels, as indicated by technical analysis and elevated trading volumes. Market conditions were further influenced by a large wallet opening a $2.14 million long position in DOGEUSDT futures with 10x leverage, which occurred amid increased volatility but did not reverse the prevailing downward trend. The current trading volume remains substantial, ranging from approximately $571.57 million to over $2 billion, with Dogecoin's market capitalization estimated between $23.13 billion and $23.85 billion. Dogecoin is consolidating below major resistance zones, and recent price action reflects heightened market sensitivity to broader sentiment and news, including ETF filing developments.