Dogecoin hits 2023 lows this week, and the drop wasn’t gentle. The memecoin broke below its $0.07 support level and slid to $0.068, a price last seen back in November 2023. At press time DOGE traded near $0.069, down 4.3% on the day, and traders are now asking whether $0.07 is gone for good.
Dogecoin Hits 2023 Lows as Key Support Breaks
The slide didn’t come out of nowhere. Dogecoin had been leaning on the $0.07 level for weeks, and once it gave way, selling accelerated fast. Trading volume jumped 57% to $866 million over the same period, a clear sign that more traders piled in to sell than to buy.
Why Margin Traders Are Rushing for the Exits
Borrowed money made the drop worse. According to CoinGlass, $8.20 million in long positions were liquidated within 24 hours, while short liquidations totaled just $552,490. That imbalance shows bullish traders bore almost all of the pain.
Derivatives data tells a similar story. Coinalyze figures show Sell Perps Volume climbing to 493.04 million against Buy Perps Volume of 426.535 million, pushing the Buy-Sell Delta to negative 66.505 million. Net Buying sank even further, to negative 1.385 billion, and that confirms sellers held firm control.
How Dogecoin Hits 2023 Lows Amid a Liquidation Wave
Futures markets echoed the same pressure. Outflows reached $520.41 million against inflows of $425.94 million, and Futures Netflow collapsed 361.34% to negative $94.46 million. That’s a lot of capital heading for the door at once, and it left little support underneath the price.
What the RSI Says About a Potential Bottom
Momentum indicators paint a similar picture. The Relative Strength Index puts Dogecoin’s reading at 31.34, close to oversold territory. That reading arrives right as Dogecoin hits 2023 lows, adding weight to the idea that sellers are nearing exhaustion. Still, it doesn’t guarantee a bounce, though it does suggest fresh ammunition is running low.
There’s a small silver lining buried in the data too. Spot Netflow stayed negative at $1.87 million, meaning more DOGE left exchanges than arrived. Fewer coins sitting on exchanges usually means less immediate selling pressure, even if it’s a modest signal on its own.
Broader Crypto Pullback Adds Pressure as Dogecoin Hits 2023 Lows
Broader forces are at play here too. The wider market has cooled off, with Bitcoin consolidating below $66,000 after its best month since January ran out of steam. When Bitcoin stalls, memecoins usually feel it even harder, and that’s part of the backdrop as Dogecoin hits 2023 lows this week.
This isn’t the first time macro jitters have spilled into crypto lately, either. Just last week, Bitcoin price and inflation worries tied to renewed conflict abroad rattled sentiment across the board. Dogecoin’s chart never fully recovered from that mood shift.
What Comes Next After Dogecoin Hits 2023 Lows
So where does Dogecoin go from here? A recent Dogecoin price prediction breakdown flagged similar support and resistance zones. The setup right now looks a lot like that forecast playing out in real time.
Meanwhile, everyday investors should treat this kind of swing as a reminder about position sizing. A recent crypto portfolio risk piece pointed out that diversification only helps when it’s paired with realistic expectations about volatility. Memecoins sit at the sharper end of that spectrum.
If demand holds up from here, Dogecoin could claw back $0.07 and push toward $0.075. But if derivatives weakness keeps building, a slide toward $0.065 looks just as plausible. The fact that Dogecoin hits 2023 lows before finding its footing shows just how fragile sentiment still is. Either way, the next few sessions should make the picture much clearer.
