Dogecoin Drops 10% Amid Crypto Market Decline

Dogecoin (DOGE) has seen a significant drop of over 10% in the past 24 hours, currently priced at $0.3492, amid a broader downturn in the cryptocurrency market, which includes Bitcoin's slide to nearly $96,000 due to stronger-than-expected U.S. economic data. Analysts note a decline in social media interest and negative sentiment surrounding DOGE, with social volume dropping significantly since late 2024. Elon Musk has weighed in on the situation, suggesting that if dollar inflation is addressed, it could lead to a decrease in cryptocurrency prices, including DOGE and Bitcoin. His comments come as he prepares to launch a government department aimed at efficiency, which he hopes will positively influence Dogecoin's value. Despite the current bearish sentiment, some analysts see potential for contrarian investors to capitalize on perceived undervaluation of DOGE. Overall, the market is experiencing heightened volatility, with significant liquidation events impacting prices.