Over 51% of traders are currently shorting DOGE as market volatility triggers a major Dogecoin price crash to new lows. Despite experiencing a minor recovery after its decline, Dogecoin continues to struggle, exhibiting bearish momentum.

Traders Short DOGE Amidst Dogecoin Price Crash

The Dogecoin price has crashed again, losing more than 25% of its value in the last 24 hours. This massive price decline has caused panic across the crypto community, with investors exiting the market and selling off their holdings. 

According to X (formerly Twitter) crypto analyst KrissPax, the Dogecoin sell-off has persisted for four consecutive days as investors aim to profit from earlier gains and avoid losses. Each price decline in the popular meme coin has pushed it to lower lows, towards the $0.24 range. 

The analyst also disclosed that the meme coin has failed to hold onto any distinct support level, consistently shedding a percentage of its value daily. Due to this bearish trend, the analyst questions if the meme coin has finally achieved its market bottom and could initiate a potential price reversal upwards.