It is time to call Dogecoin what it is: a 60% drop that reveals a lack of investor conviction. The meme coin's 2025 price performance has been a complete mess thus far. Following a break below the 50 EMA and a paper tiger test of the 100 and 200 EMAs, DOGE is currently holding onto a weak support zone at $0.19-$0.20 after peaking at $0.50. This degree of decline is not merely another healthy retracement; rather, it is an obvious indication that the market no longer believes in the asset. The technical image appears bleak. An asset should never see price action below the 50 EMA, but DOGE, a volatile meme asset, is a complete bust. The chart indicates that the market does not believe in a sustainable recovery given the lack of any real support from the convergence of the moving averages (black 200 EMA and orange 100 EMA). It is clear that momentum has vanished because even the RSI indicators at the bottom of the chart are trapped in neutral to bearish territory. The harsh reality is that Dogecoin's core principles have never stood out. It has always involved conjecture and excitement. But now that investors are growing more discriminating and the macro environment surrounding cryptocurrency is suffering, the 60% wipeout serves as a warning. Even coping with this decline will not save portfolios because the price is now so damaged. The best case scenario is a gradual recovery, and even that seems improbable unless DOGE experiences a sizable infusion of fresh capital or some renewed celebrity fervor. For traders it serves as a warning. Dogecoin is not merely down; it could end up being entirely irrelevant in this cycle. More suffering and disappointment are to be expected unless there is a miraculous recovery above the important EMAs soon. The harsh reality is that Dogecoin's celebration may be coming to an end.