Dogecoin’s (DOGE-USD) recent struggles have intensified, with the memecoin dropping nearly 25% in the past week. This downturn comes as the broader cryptocurrency market faces corrections. On top of the price drop, Dogecoin experienced a significant technical failure. A network vulnerability, known as “DogeReaper,” caused 69% of its nodes to crash, dropping active nodes from 647 to just 315, according to Finance Magnates.
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Furthermore, Andreas Kohl, co-founder of Sequentia, exploited the flaw on December 12, using an old laptop in El Salvador. According to Tobias Ruck, a researcher who identified the issue, the vulnerability allowed attackers to remotely crash Dogecoin nodes. This posed a potential threat to the network’s stability.
Dogecoin Struggles with Key Resistance
As the network fights to recover, Dogecoin also faces technical resistance. After peaking at $0.48, it formed a Double Top pattern and has struggled to regain momentum. The $0.35 level now acts as key resistance, which will be crucial in determining whether the coin can rebound.
At the time of writing, Dogecoin is sitting at $0.3197.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
