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Dogecoin had begun 2026 on a positive note following a 20% gain last December, with its price rising in the first few days of the year.
Dogecoin quickly rose to a high of $0.1566 on Jan. 6 amid buyers' optimism at the year's start, but this was, however, shortlived. The dog coin declined thereafter, reaching a multiyear low of $0.0799 in February.
According to CoinGlass data, the dog coin remains in red across most time frames. It is particularly down 23.33% on a year-to-date basis. Dogecoin holders who bought this time are sitting on average losses of about 53%, with the dog coin down 53.85% on a one-year basis.
At the time of writing, Dogecoin was down 1.37% in the last 24 hours to $0.0899 and down nearly 5% weekly.
The majority of cryptocurrencies are trading in red on a daily and weekly basis. Rising U.S. Treasury yields and a stronger dollar have weighed significantly on risk assets, including cryptocurrencies and crypto-related equities.
The decline across the market has seen more than $448 million in liquidations in the last 24 hours, according to CoinGlass, of which about 85% came from long positions alone.
The recent market decline has seen $398 million in long bets liquidated, while shorts came in at $50 million.
Will $0.08 stop bears?
Dogecoin touched a low near $0.08 in February, a level that halted Dogecoin's drop in August 2024. Dogecoin began to rise in the months that followed, reaching a high of $0.48 in November of the same year, a 500% increase.
The $0.07 to $0.08 level has served as key Dogecoin support at various times in Dogecoin's price history — for instance, in January 2024.
Zooming out, the broader crypto market, including Dogecoin, remains trapped in a price range that has continued since early February despite multiple attempts to break out to the upside.
Derivatives data shows funding rates at their most negative since June 2023, a setup for a short squeeze rather than further declines.