Dogecoin Drops 5% Amid $458M Market Liquidation, ETF Optimism Builds

Dogecoin (DOGE), the popular dog-themed cryptocurrency, dropped nearly 5% early Saturday as part of a broader crypto market decline that triggered $458 million in liquidations. At the time of writing, Dogecoin was down 3.63% in the past 24 hours, trading at $0.1639. This continues a downward trend since peaking at $0.206 on June 11, with DOGE logging just two green days over the past 10 sessions.

The price reached a low of $0.1584 on Friday before finding support. Despite the slump, Dogecoin remains a hot topic on social media, ranking among Friday’s trending coins. According to market intelligence firm Santiment, DOGE is driving discussions around its price volatility, unlimited supply, mining profitability, and comparisons with major assets like Bitcoin and Ethereum. Speculation around Dogecoin's potential integration with Elon Musk’s platform X continues to fuel chatter, although no direct crypto features have been confirmed.

X CEO Linda Yaccarino recently hinted that X may soon support in-app investing and trading, alongside the rollout of its peer-to-peer payment service, X Money. However, crypto functionality remains uncertain, including for Dogecoin, which has long been associated with Musk.

In related developments, DOGE's ETF prospects are gaining attention. Bloomberg ETF analyst James Seyffart suggested that approvals for spot crypto ETFs, including Dogecoin, are likely by year-end, with odds nearing 90%. Some analysts predict decisions could arrive as early as next month.

Meanwhile, Dogecoin remains under pressure despite the recent 6.92 billion DOGE sell-off on June 12 and a 10.55 billion DOGE movement on June 19. Traders continue to monitor DOGE’s support levels and social sentiment for signals of a potential rebound or further decline.