The ultimate dog-themed meme coin Dogecoin has seen a major uptick in a key metric. According to data provided by CoinGlass, DOGE has rocketed 87% in trading volume.

Despite the impressive increase in trading volume, the DOGE price has dropped 5.20% in the last 24 hours. This past week Dogecoin lost a zero, dipping more than 7% amid negative investor sentiment and stock market correction.

Elon Musk did not help

Earlier this week, Tesla CEO Elon Musk sparked interest within the cryptocurrency community with a comment on X.

Musk tweeted about Starlink bank accounts being frozen, prompting a response from "Sir Doge of the Coin," a notable Dogecoin supporter, who suggested, "Dogecoin fixes this." This playful interaction garnered attention across the Dogecoin community.

In January 2021, Elon Musk's remarks led to a 339% surge in Dogecoin's value to $0.032642. Its highest price of $0.682 was reached May 8, 2021. Despite celebrity endorsements, Dogecoin's adoption for business transactions remains limited.

Despite Musk’s endorsement, Dogecoin could not reach a major breakthrough. The DOGE price has lost more than 7% amid crypto correction.

Overall bearish sentiment

Losing a zero was a big hit for DOGE investors. As the market moves to the "extreme fear" zone, bulls will have to sit and wait for the right moment to come out.

Dogecoin has been on a steady decline for several months, struggling to break above key resistance levels set by its moving averages. The bearish sentiment is reinforced by the 200-day EMA, which remains significantly above the current price, indicating a long-term downward trend.