The trading volume and liquidations of Dogecoin have increased in the past 24 hours due to a significant price drop of over 5%. The trading volume has surged by 57%, with over $6 billion traded, while liquidations have reached $31 million. This drop in price was influenced by Jerome Powell's speech, which portrayed a bearish outlook for Dogecoin. Traders reacted with sell-offs, leading to increased trading volume. However, some analysts believe that the market is overreacting and that Dogecoin will recover from this correction. The recovery, however, is likely to depend on Bitcoin's bullish reversal as it currently looks bearish. It is advised for traders to avoid being shaken out and hold their positions. Dogecoin's sentiment has turned negative, but long-term holders are advised to wait for higher prices. Currently, Dogecoin is trading at around $0.36, down over 5% in the last 24 hours.



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