Key Points
- DOGE is the worst-performing cryptocurrency among the top 10 by market cap, falling 7.5% over the past 24 hours.
- The decline follows weak performance in BTC and other major cryptocurrencies.
DOGE Leads the Market Sell-Off
The cryptocurrency market weakened over the weekend, with Bitcoin dipping below $108,000. As usual, memecoins suffered the most: Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) all recorded significant losses in the last 24 hours.
On-chain and derivatives data indicate that investors and large retail wallets are reducing exposure to Dogecoin and other leading memecoins, adding downward pressure on supply.
Data from CoinGlass show that futures Open Interest (OI) for Dogecoin — the notional value of outstanding futures contracts — fell 2% over the past 24 hours to $1.70 billion. A decline in OI suggests traders are cutting risk by reducing leverage or closing positions.
Network-level metrics also reveal waning interest from large-wallet investors in memecoins. DOGE holders with more than 100 million tokens have largely been inactive since the start of the month.
DOGE Could Retest Monthly Support at $0.15
The 4-hour DOGE/USD chart is bearish and underperforming, as the memecoin has failed to rally in recent weeks. Technical indicators are strongly negative, signaling the potential for further selling pressure.
At the time of writing DOGE trades at $0.175, down 7.5% over 24 hours. Bulls failed to hold price above the $0.17816 support level, marked by the October 11 low, and the current price action points to continued downside.
If DOGE closes daily below this level, it could slide toward $0.15009, the breakdown level from October 10. The MACD sits in negative territory, while the RSI around 40 indicates bearish bias.
Conversely, if bulls push DOGE above $0.17819 before the close, the memecoin could test Sunday’s high of $0.18884 in the coming hours.