Dogcoin jumps 75% as Bitcoin slips below $89K and Solana dips under $135

Dogcoin (DCOIN), a small-cap memecoin built on Ethereum, has surged an astonishing 75% in just 24 hours, bucking the trend as heavyweights like Bitcoin (BTC) and Solana (SOL) stumble.

Bitcoin has plummeted below $89,000, while Solana has slipped under $135, reflecting a broader market downturn that has left investors reeling from long position liquidations.

Why is Bitcoin price dropping?

Bitcoin, the king of cryptocurrencies, is facing a rough patch. Its price has dipped to $88,940.89, a 7.25% drop in the last 24 hours, wiping out over $65 billion in trading volume as bearish sentiment takes hold.

Several factors are conspiring against BTC.

While Strategy recently boosted its holdings to nearly 500,000 BTC through a $1.99 billion acquisition funded by convertible notes, signalling confidence from big players, this hasn’t stemmed the tide of broader market outflows.

US Bitcoin ETFs have recorded a hefty $516 million in withdrawals, hinting at waning investor faith.

Macroeconomic headwinds are also at play.

Uncertainty over proposed tariffs from the Trump administration on countries like Canada and Mexico has spooked traditional and digital markets alike, while the Federal Reserve’s ongoing quantitative tightening suggests high interest rates will persist, sapping liquidity from risk assets like crypto.

On the technical front, Bitcoin’s mining difficulty dropped 3.2% to 110 trillion, a tweak to keep block times stable, but it’s done little to buoy prices.

Together, these developments paint a picture of a market leader under siege, struggling to regain its footing after hitting an all-time high of $109,114.88 just a month ago.

Bitcoin could test lower supports if macroeconomic fears deepen, though US States’ moves like Georgia’s SB 228 bill or South Dakota’s 10% public fund allocation might signal a lifeline.

Solana on the edge amid looming $2B token unlock

Likewise, Solana is also grappling with its own set of woes, sliding to $134.68—a 15.23% tumble in 24 hours—as selling pressure mounts.

SOL whose network is known for its high-speed transactions, has been hit hard by a looming event: the largest token unlock in its history, set for March 1, 2025.

The token unlock will release 11.2 million SOL tokens, valued at roughly $1.53 billion, into circulation, with an additional 15 million SOL (about $2.5 billion) and $1 billion from inflation to follow over the next three months.

The timing couldn’t be worse. Solana’s price has already shed 40% over the past month, falling from a peak of $294.33 in mid-January.

Notably, much of this unlocked supply stems from FTX auctions, where firms like Galaxy Digital, Pantera Capital, and Figure snapped up SOL at a bargain $64 per token.

With prices now double or triple that, analysts fear these institutions might cash out, flooding the market and driving SOL even lower.

Wintermute withdrew $38 million in SOL from Binance on February 24 further fueling the speculation of an impending sell-off.

Notably, some crypto exchanges including Binance have reportedly been selling their Solana holdings ahead of the token unlock.

Beyond the unlock, sentiment has soured further due to ecosystem scandals like the Libra memecoin rug pull, which erased $107 million and cratered its value by 94%, denting trust in Solana-based projects.

Technical indicators scream bearish, though some whisper of oversold conditions that could spark a rebound if the storm subsides.

For now, SOL’s $66.89 billion market cap feels precarious as trading volume spikes 215.65%, reflecting panic rather than promise.

Solana’s fate hinges on the March 1 unlock; a flood of institutional selling could push it toward $100 or below, although recovery isn’t off the table if ETF hopes or ecosystem innovations regain traction.

Dogcoin (DCOIN) memecoin is going against the general trend

Unlike Bitcoin (BTC) and Solana (SOL), which are buckling under institutional and structural pressures, Dogcoin’s rise seems fueled by a different dynamic: resilience and community spirit in the face of a memecoin massacre.

Most meme coins have lost 50% or more in the current market reset, yet Dogcoin has defied gravity. Its whale holders appear to be a key driver, orchestrating wild price bounces to counteract the downturn—a sign of either savvy stabilization or desperate manipulation.

Built on Ethereum with a fully decentralized framework, no presale, and its 1 billion token supply locked in liquidity, Dogcoin pitches itself as a pure, community-driven project.

This narrative of fairness and transparency resonates in a market weary of scams and centralized control.

The confusion with an identically named “DOGCOIN” on Solana might have muddied the waters in the past, but it hasn’t stopped DCOIN’s faithful from rallying behind its vision of becoming an iconic memecoin.

With a modest $1.73 million market cap and a trading volume-to-market-cap ratio of 387.44%, Dogcoin’s tiny size amplifies its percentage gains, making it a speculative darling amid the wreckage.