Key Points
- DOGE is the worst-performing top-10 cryptocurrency by market cap, down 7.5% in the past 24 hours.
- The pullback comes as BTC and other major cryptocurrencies also show weakness.
DOGE Leads the Downturn
The cryptocurrency market struggled over the weekend as Bitcoin dipped below the $108,0000 threshold. As usual, meme coins bore the brunt of the sell-off: Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) all recorded significant losses over the past 24 hours.
On-chain and derivatives data indicate that both large wallet holders and retail traders are trimming risk exposure to Dogecoin and other leading meme coins, which is adding to selling pressure.
Data from CoinGlass show that DOGE futures open interest (OI)—the notional value of all outstanding futures contracts—fell about 2% over the past 24 hours to $170 million. A drop in OI suggests traders are reducing leverage or closing positions to lower risk exposure.
Additionally, on-chain metrics show waning interest from large holders. Since the start of the month, investors holding more than 100 million DOGE have remained relatively flat, indicating reduced accumulation by big wallets.
DOGE Could Retest Monthly Support at $0.15
The DOGE/USD 4-hour chart looks bearish and lacks momentum, as the memecoin has failed to stage a meaningful rebound in recent weeks. Technical indicators are firmly tilted to the downside, suggesting additional selling pressure may follow.
At the time of writing, DOGE trades around $0.175, down roughly 7.5% in the last 24 hours. Bulls failed to hold price above the $0.17816 support level, defined by the October 11 low, and the current price action points toward further declines.
If DOGE closes below that daily support, it could slide toward the $0.15009 level, which marks the October 10 sell-off. The MACD is in negative territory and the RSI sits near 40, both indicating bearish bias.
Conversely, if bulls can push DOGE above $0.17819 by the end of the day, the memecoin could attempt to reclaim the recent high of $0.18884 reached on Sunday in the coming hours.