The last time Dogecoin (CRYPTO: DOGE) dipped below six cents was in October 2023, when it rebounded above that mark within a week. Dogecoin is trading at 5.84 cents, down 4.2% in the last 24 hours, after staying above six cents in every weekly reading since October 2023. With Dogecoin back below 6 cents, which past drop best guides what comes next?
Dogecoin’s Price Dropped Below Six Cents for the First Time Since October 2023
On November 14, Dogecoin’s price fell sharply, dropping from an hourly peak of 6.47 cents to a low of 5.54 cents. That was its lowest price since June 2022 and 5% below where it trades now. Buyers tried to rebound early on November 15, but Dogecoin is still down 18.1% over the past week, 27.7% over the last 30 days, and 50.3% since the beginning of the year.
Dogecoin trades 92% below its all-time high of about 73 cents from May 2021. The overall crypto market has lost about 5% in the last 24 hours, with total market capitalization falling to $2.21 trillion. Additionally, the Fear and Greed Index, which measures market sentiment on a scale from 0 to 100, stands at 21, indicating extreme fear among investors.
According to CoinMarketCap’s weekly Dogecoin series, the lowest reading earlier this year was 6.91 cents on August 2, making the November 15 reading the first below six cents since October 2023. Weekly readings can miss short-term drops, and Dogecoin was already showing weakness in October, when it neared its first death cross of the year—an event where the 50-day moving average falls below the 200-day moving average.
Dogecoin Reclaimed Six Cents Just a Week After Falling in October 2023
In the weekly price series, Dogecoin was recorded at 6.15 cents on October 8, 2023, then fell to 5.99 cents on October 15. However, by October 22, it had climbed back to 6.12 cents. That means Dogecoin stayed below six cents for just one weekly reading, although daily trading did dip lower, reaching a monthly low of 5.75 cents in October 2023.
Just four weeks later, on November 12, 2023, Dogecoin jumped to 7.84 cents, and by January 14, 2024, it reached 8.09 cents—35% above its low reading. Buyers appeared to treat six cents as solid support, consistently adding to their positions. A Dogecoin price prediction for 2027 looks at whether that pattern could repeat.
Dogecoin Broke Six Cents Twice in 2022 and During the 2021 Rally
Dogecoin has experienced similar drops before. In June 2022, it suffered its steepest fall from above, with a weekly price of 6.99 cents on June 12 falling to 5.30 cents by June 19 before bouncing back to 6.85 cents on June 26. However, that bounce didn’t last, with Dogecoin dropping to 6.43 cents four weeks later, on July 17, and 6.22 cents 13 weeks later, on September 18.
After another break in October 2022, Dogecoin’s price fell from 6.17 cents on October 9 to 5.86 cents on October 16 and 5.97 cents on October 23, but then it surged to 12.16 cents by October 30. Although it retreated afterward, it was still at 8.81 cents on November 13, 2022, and 8.73 cents on January 15, 2023.
During the 2021 rally, Dogecoin also dipped below six cents, but it was climbing from much lower prices. On February 14, 2021, it was at 6.64 cents, then dropped to 5.44, 5.01, and 5.10 cents over the following weeks before climbing back to 6.24 cents on March 14. After further dips, it shot up to 28.51 cents by April 18 and reached 28.64 cents by June 20.
What to Expect Next With Dogecoin Below 6 Cents
In October 2023, Dogecoin bounced back above six cents by the next weekly reading and continued to trade higher in the following months. However, the 2022 breaks may be a better reference, as they share a similar context—a drop from a higher price after a lengthy decline—and June 2022 showed that a quick rebound can fade over time. Whether Dogecoin has a future after this crash depends on the longer outlook.
This drop is also deeper, since the November 14 low is the lowest monthly low since June 2022. If the November 22 weekly reading tops six cents, 3% above its price, Dogecoin may repeat its 2023 behavior. Yet if it stays below for several readings, the mid-2022 slide may be the better guide, and a comparison of $1,000 in XRP or Dogecoin shows how DOGE and XRP (CRYPTO: XRP) are holding up.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
