As the Western financial markets radially opened on Wednesday, April 9, the overall crypto volatility has continued to surge in tandem with the global stock markets. The cryptocurrency market has not been spared in the ongoing bearish sentiment, despite not being directly included in the ongoing tariffs trade wars.

Since Donald Trump took office earlier this year, the total cryptocurrency market cap has dropped by more than $1.5 trillion. With the VIX index suggesting more volatility ahead, the memecoin sector, led by Dogecoin (DOGE), will experience more volatility.

Dogecoin Whales on the Move

According to on-chain data, the overall supply of stablecoins into exchanges has increased in the past few days. The sharp spike in stablecoins supply on crypto exchanges could mean bullish traders are protesting their positions from forced liquidation, especially perpetual contract markets, or holders are demanding to sell their volatile crypto assets for stablecoins

Meanwhile, Dogecoin investors with an account balance of at least 1 billion have sold over 1.32 billion coins in the past two days.

DOGE Price Midterm Expectations 

After being rejected at the resistance level above $0.15 in the past two days, the DOGE price, against the US dollar, has experienced heightened bearish sentiment. The large-cap memecoin, with a fully diluted valuation of about $21.75 billion at the time of this writing, gained around 4 percent during the Asian trading session to trade about $0.147 at the time of this writing.

The slight bullish bounce is, however, floating in bear territory. From a technical analysis standpoint, DOGE’s price has been trapped in a falling trend in the past three months.

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With the top-tier dog-themed memecoin closely following Bitcoin price action, which has gradually been impacted by the ongoing global tariff trade wars.

In the weekly timeframe, the DOGE/USD price has been retesting a crucial logarithmic rising trend established since late 2023. However, a potential breach of the current support level will trigger a 15-25 percent capitulation towards the support range between $0.11 and $0.124.

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