Share this article
Dogecoin Plunges 10% in Midnight Crash, Struggles to Find Footing
Dogecoin tumbles over 10% in a midnight sell-off, with high trading volumes and a potential double-bottom pattern hinting at possible stabilization.
Updated May 30, 2025, 12:33 p.m. Published May 30, 2025, 12:24 p.m.
What to know:
Dogecoin experienced a significant drop of over 10%, falling from $0.226 to $0.202 amid a surge in trading volume.
The cryptocurrency is currently consolidating between $0.202 and $0.206, with traders cautious and market volatility decreasing.
Technical analysis indicates a key resistance at $0.217, with potential for a breakout if momentum builds.
Dogecoin , the popular meme cryptocurrency, endured a rough night as it plunged over 10% in a sudden sell-off that rattled markets.
The drop — from $0.226 to $0.202 — occurred around midnight, coinciding with a surge in trading volume to 1.18 billion, highlighting a scramble among traders reacting to broader market jitters.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
While DOGE managed a modest bounce from its lows, it remains stuck in a consolidation pattern between $0.202 and $0.206. This suggests the market is taking a breather after the initial shock, but traders remain cautious, with volatility tapering off and no decisive direction emerging.
Technical analysis shows DOGE testing multiple support levels during the crash before establishing a key resistance at $0.217. A potential double-bottom pattern may be forming, giving some hope to bulls eyeing a breakout toward $0.25 if DOGE can gather enough momentum to push past that resistance.
Open interest in DOGE derivatives climbed 2.89% to $2.71 billion, indicating traders are positioning for the next big move. Whether that move is up or down is still an open question, as mixed sentiment prevails across the market.
Technical Analysis
- DOGE dropped from $0.226 to $0.202, a sharp 10.6% decline.
- The most intense selling came at midnight (00:00), with a 5.5% plunge on exceptional volume.
- Key resistance has formed at $0.217, with broken support levels below.
- Consolidation between $0.202 and $0.206 signals market indecision.
- A brief recovery between 09:43 and 09:56 saw DOGE inching back to $0.205, but on low volume.
- Open interest growth points to traders bracing for a potential volatility spike.
As the dust settles, traders and investors alike will be watching closely for signs of a sustained rebound — or a deeper decline — in the hours ahead.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
