The Dogecoin (DOGE) price has been facing a downward trend recently

with major metrics turning bearish. The recent dip in price, coupled with broader market fluctuations, has caused concern among investors. The market sentiment worsened following news of Binance founder Changpeng Zhao's sentencing for money laundering violations, leading to a significant drop in prices across the crypto market. This downturn marks the end of the meme coin rally, which had seen a surge in prices earlier in the year. Dogecoin, as the leading meme coin, experienced a notable decline in price from its peak in April, reflecting the overall downturn in the meme coin sector. Currently trading at $0.125, DOGE has seen a considerable decrease of 7.87% in the last 24 hours and a staggering 39.29% decline over the past month. These numbers underscore the volatile nature of the crypto market and highlight the challenges facing meme coins like Dogecoin. Additionally, data from CoinGlass indicates significant liquidations for DOGE, further illustrating investor apprehension during this bearish phase.

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