Dogecoin Loses Momentum as Demand Eases, and $0.08 Emerges as the Next Key Level

Jakarta, Pintu News – The meme coin sector of the crypto market recorded a decline in total market capitalization of more than 13% in the last 30 days. This is part of a broader trend of fund outflows from high-risk digital assets that has pressured the market over the past month.

As a leading meme coin, Dogecoin (DOGE) was also affected by the correction. In the same 30-day period, the value of this token fell by 14% and looks likely to continue weakening. So, how will DOGE price move today?

Dogecoin Price Drops 2.58% in 24 Hours

On March 4, 2026, Dogecoin slipped 2.58% over the past 24 hours to trade at $0.08987, or about IDR 1,513 per coin. During the same period, DOGE fluctuated between roughly IDR 1,562 and IDR 1,500.

At the time of writing, Dogecoin’s market capitalization is estimated at around IDR 256.21 trillion, while its 24-hour trading volume is approximately IDR 24.96 trillion.

Read also: Ethereum Holds Near $1,900 Today as a Fresh Sell Signal Emerges

DOGE Demand Gap Widening

According to Glassnode, the decline in the price of DOGE in recent weeks has coincided with a reduction in the daily number of new wallets trading the meme coin.

Based on observations using a 30-day small moving average, the number of unique addresses that first appeared in transactions involving DOGE fell by 8% since February 26.

When a price drop is accompanied by a weakening number of new active addresses, it indicates a lack of confidence from the broader market. As a result, DOGE is at risk of experiencing a prolonged demand vacuum, where there are more sellers than buyers, allowing the downward price trend to continue.

In addition, a surge in DOGE deposits to exchanges also reinforced the bearish outlook. Still according to Glassnode, the amount of DOGE held in exchange wallets is currently at a two-week high of 19.85 billion, up 3% since February 23.

When holdings on exchanges increase, it usually signals a shift in investor behavior from holding assets for the long term to preparing them for sale.

Large-scale transfers to exchanges like this are often seen as an early signal of a potential sell-off. With DOGE moving more and more to exchanges in recent days, asset holders appear to be positioning themselves for a quicker exit to limit losses.

DOGE Enters Distribution Phase

On the daily chart (3/3), DOGE’s Chaikin Money Flow (CMF) value in the negative zone also indicates a chance of further decline. At the time of writing, this momentum indicator that measures the inflow and outflow of funds from an asset stands at -0.10.

Negative CMF readings like this indicate selling pressure is more dominant than buying pressure.

When this happens in the midst of a downward price trend, such as in DOGE, it is often read as a “distribution phase”, a period when market participants – both seasoned investors and retail traders – are actively unwinding or liquidating their positions.

Additionally, DOGE is trading below the 20-day Exponential Moving Average (EMA), which currently serves as dynamic resistance at $0.0964, above the price of DOGE.

Read also: Bitcoin Holds Steady at $68,000 as Three Catalysts Signal a Potential Bullish Turn

The 20-day EMA calculates the average of prices in the last 20 trading sessions with greater weight on the most recent prices. When prices stay below this line, it usually indicates that control is still on the bears’ side, and short-term sentiment is leaning towards weakness.

Without the re-emergence of buying interest or increased network activity, DOGE risks sliding towards the next support level of $0.088.

If the bulls fail to hold the support area, a further drop to $0.08 could occur. However, if sentiment improves and bullish momentum returns to the broader market, the meme coin has a chance to break $0.0943 and attempt to rally back beyond its 20-day EMA.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• CCN. Dogecoin (DOGE) Eyes Drop Below $0.08 as Memecoin Demand Crumbles and Geopolitical Tensions Mount. Accessed on March 4, 2026