Dogecoin falls below $0.07, hitting lowest since Nov 2023

Dogecoin, the popular meme cryptocurrency, fell sharply on July 23 and 24, dropping below the key psychological level of $0.07 to reach its lowest price point since November 2023. The decline, which exceeded 5% in a single session, was driven by a combination of market-wide risk aversion and remarks from prominent supporter Elon Musk.

The cryptocurrency traded as low as $0.0685, according to market data, with its price hovering around $0.069 in subsequent trading. The drop triggered significant liquidations in leveraged positions, with over $8 million in long positions being liquidated within 24 hours, disproportionately affecting bullish traders. Derivatives data showed a surge in selling activity, with futures outflows exceeding inflows and negative net buying in perpetual markets, indicating strong downward pressure.

Market analysts attributed the broader sell-off to deteriorating investor sentiment amid geopolitical tensions, which reduced demand for speculative assets like meme coins. This was reflected in a decline in the overall crypto market's Fear & Greed Index. Concurrently, Elon Musk acknowledged in a recent interview that he had become overly involved in American...