Key takeaways
- DOGE is the worst performer among the top 10 cryptocurrencies by market cap, dropping 7.5% over the past 24 hours.
- This bearish performance coincides with underperformance in BTC and other major cryptocurrencies.
DOGE leads the market downturn
The cryptocurrency market weakened over the weekend as Bitcoin’s price slipped below the $108k mark. As often happens in pullbacks, memecoins took the heaviest hits—Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) all posted significant losses over the last 24 hours.
On-chain and derivatives data indicate that both large wallet holders and retail traders are reducing exposure to Dogecoin and other leading memecoins, which increases selling pressure.
Data from CoinGlass show that futures open interest (OI) for Dogecoin—the nominal value of outstanding futures contracts—fell about 2% in the past 24 hours, reaching $1.70 billion. A drop in OI typically signals traders are cutting risk by lowering leverage or closing positions.
Furthermore, on-chain metrics reveal declining interest in memecoins from large wallet investors. DOGE holders with more than 100 million tokens have been unchanged since the start of the month, suggesting limited accumulation at higher levels.
DOGE could retest monthly support at $0.15
The DOGE/USD 4-hour chart looks bearish and lacks bullish momentum, as the memecoin has failed to rally for several weeks. Technical indicators currently point to heightened downside risk.
At the time of writing DOGE trades around $0.175, down roughly 7.5% in 24 hours. Bulls failed to hold price above the $0.17816 support marked by the October 11 low, and the recent price action favors further declines.
A daily close below the current support could push DOGE toward the $0.15009 level that defined the crash on October 10. MACD lines remain in negative territory and the RSI sits near 40, both indicating a bearish bias.
Conversely, if bulls can lift DOGE above $0.17819 by the daily close, the memecoin could revisit Sunday’s high near $0.18884 in the short term.