Popular dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) fell Wednesday after President Donald Trump's tariff shock, extending its weekly losses to over 16%.

What Happened: The world’s largest meme ruled from the highs of $0.1787 to the mid-$0.1600 region as the new reciprocal tariff structure exceeded Wall Street’s worst-case expectations, sending stocks and cryptocurrencies tumbling.

DOGE has made a sharp U-turn since hitting $0.20 last week, losing more than 16% along the way. The price decline dampened speculative interest in the coin, causing the Open Interest in DOGE futures to fall 24% over the week, according to Coinglass.

Moreover, the Long/Short Ratio dipped below 1, indicating that the majority of traders were positioned bearish on the coin.

See Also: ‘Greatest Of Them All’ TRUMP Memecoin Headed for Trump Media ETFs? Polymarket Bettors Think It’s Unlikely

Why It Matters: Well-known cryptocurrency analyst Ali Martinez stated that DOGE was at a "make-or-break level."

"If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely," the analyst projected.

#Dogecoin $DOGE is at a make-or-break level. If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely. pic.twitter.com/ksJjZIuN8D

Moving averages, both exponential and simple, flashed "Sell" signals for DOGE, according to TradingView.

Meanwhile, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, typically a 12-period EMA and a 26-period EMA, generated a "Buy" signal.

Price Action: Dogecoin was trading at $0.1658, down 3.30% over the last 24 hours, according to Benzinga Pro.