Key takeaways
- DOGE is the worst performer among the top 10 cryptocurrencies by market capitalization, falling 7.5% in the last 24 hours.
- The bearish performance follows muted returns from BTC and other major cryptocurrencies.
DOGE leads the losses
Cryptocurrency markets struggled over the weekend, with Bitcoin slipping below $108,000. As is often the case, memecoins took the hardest hit: Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) all posted significant losses over the past 24 hours.
On-chain and derivatives data suggest investors and large-wallet retail traders are reducing risk exposure to Dogecoin and other leading memecoins, putting downward pressure on supply and price.
Data from CoinGlass show Dogecoin futures open interest (OI)—the nominal value of all open futures contracts—fell about 2% in the last 24 hours to $1.70 billion. A decline in OI typically indicates traders are reducing leverage or closing positions to lower risk exposure.
On-chain metrics also point to waning interest from large holders: wallets holding more than 100 million DOGE have shown no change since the start of the month, signaling reduced accumulation among the largest investors.
DOGE could retest monthly support at $0.15
The 4-hour DOGE/USD chart looks bearish and structurally weak, as the memecoin has failed to mount a meaningful recovery in recent weeks. Technical indicators are currently skewed toward further downside, suggesting persistent selling pressure.
At the time of writing, DOGE traded around $0.175, down roughly 7.5% over 24 hours. Bulls could not hold price above the $0.17816 support level marked by the October 11 low, and the present price action points to further downward movement.
A daily close below this level would likely open the door for DOGE to slide toward the $0.15009 area, which marked the October 10 decline. The MACD lines sit in negative territory while the 4-hour RSI near 40 signals bearish momentum.
Conversely, if bulls can push DOGE back above $0.17819 before the daily close, the memecoin could target the recent swing high around $0.18884 within the next several hours.