Disappointment has settled over the Dogecoin community as the meme-inspired cryptocurrency is poised to complete its most bearish first quarter in seven years. With a staggering quarterly loss of approximately 46%, DOGE has registered its first Q1 decline in three years—a stark contrast to its 10% gain in 2023 and impressive 147% surge in 2024.
Dogecoin faces its darkest Q1 in seven years, crashing 46% after years of impressive gains.
The situation eerily mirrors 2018, when DOGE suffered its worst Q1 loss ever at 68.8%. For crypto veterans, this déjà vu moment raises eyebrows. After that historic tumble, DOGE continued sliding another 11.5% in Q2 2018 before staging a remarkable 138% comeback in Q3. It’s like watching a rerun of your favorite thriller—you know the jump scare is coming, but you’re still hoping for a different ending this time.
Currently trading at $0.165, DOGE has fallen below its 200-day Simple Moving Average of $0.24 for the first time since October 2024. This technical breakdown, paired with broader crypto market pressure following Bitcoin’s dip below $90,000 and last week’s Bybit attack, has created a perfect storm for bearish sentiment. While DOGE’s losses remain significant, they pale in comparison to the nearly $2 billion total crypto market losses recorded in 2023. Recent declines coincide with a significant drop in whale transactions over $1 million, hitting their lowest point in four months.
Technical analysts have pinpointed $0.19 as a vital support level. If DOGE fails to hold this line—think of it as the cryptocurrency’s last defensive trench—we could witness a correction toward $0.060. However, a falling wedge pattern is forming, historically a bullish signal for DOGE. The recent NYSE Arca’s Dogecoin ETF filing could potentially stabilize prices by enhancing the meme coin’s legitimacy in the broader market.
Interestingly, whale activity tells a different story. Wallets holding over 1 million DOGE have increased by 1.24% since February, suggesting smart money is quietly accumulating during the downturn. Similar on-chain activity preceded a 200%+ rally last November.
April 16, 2025, looms as a potential turning point, just 50 days from now. With the Bitcoin halving on the horizon and DOGE’s historical pattern of post-halving rallies, the community watches anxiously—wondering if history will simply rhyme or repeat itself entirely.
