Key takeaways
- DOGE is the worst performer among the top 10 cryptocurrencies by market cap, down 7.5% in the past 24 hours.
- The bearish performance comes as BTC and other major cryptocurrencies also underperform.
DOGE leads market sell-off
The cryptocurrency market underperformed over the weekend, with Bitcoin’s price slipping below the $108k mark. As is often the case, memecoins took the heaviest hit: Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) all recorded significant losses in the last 24 hours.
On-chain and derivatives data indicate that large wallet holders and traders are reducing risk exposure to Dogecoin and other leading memecoins, increasing supply-side pressure.
Data from CoinGlass show that futures Open Interest (OI) for Dogecoin—the notional value of all outstanding futures contracts—fell by 2% over the past 24 hours to $1.70 billion. A decline in OI typically suggests traders are cutting exposure by reducing leverage or closing positions.
On-chain metrics also reveal waning interest from large wallet holders in memecoins. DOGE holders with balances above 100 million tokens have remained largely unchanged since the start of the month.
DOGE could retest monthly support at $0.15
The DOGE/USD 4-hour chart looks bearish and inefficient, as the memecoin has failed to gain upside momentum in recent weeks. Technical indicators are strongly bearish, suggesting further selling pressure may be ahead.
At the time of writing, DOGE trades at $0.175, down 7.5% over the past 24 hours. Bulls failed to hold the price above the $0.17816 support level, which was also marked by the low on the 11th.
A daily close below this level could push DOGE down toward the $0.15009 area, the level defined by the crash on the 10th. The MACD lines sit in negative territory while the RSI around 40 both point to bearish bias.
Conversely, if bulls can drive DOGE above the $0.17819 level by the end of the day, the memecoin could revisit Sunday’s high near $0.18884 in the coming hours.