Trading volumes spiked dramatically during the selloff, with data from CoinMarketCap showing Dogecoin activity jumping well above normal levels. Coinbase recorded a 15% jump in Dogecoin trading volume compared to last week. Until Bitcoin stabilizes and finds a floor, memecoins like Dogecoin will probably keep getting whipsawed by every shift in market sentiment. The broader memecoin ecosystem has seen similar patterns before, particularly during Bitcoin’s major corrections in 2022 and early 2023. Institutional sentiment surveys from Grayscale and other major crypto asset managers indicate growing caution around speculative tokens like Dogecoin.