Dogecoin (DOGE) Price Struggles as Major Metrics Turn Bearish

Dogecoin (DOGE): Bearish Trend Amidst Crypto Market Crash

Cover image via U.Today

The Dogecoin (DOGE) price has been in a bearish state for the last several weeks. Notably, the recent crypto market crash has had a significant impact on DOGE, causing a major price dip. Investors are closely watching the decision of the U.S. Federal Reserve's Federal Open Market Committee (FOMC) regarding interest rates.

Furthermore, the sentencing of Binance founder Changpeng Zhao for money laundering violations on Tuesday sent shockwaves through the crypto market, contributing to the price decline.

End of Meme Coin Rally

Earlier this year, meme coins experienced a surge in prices. Dogecoin, the leading meme coin by market capitalization, led this resurgence and rallied significantly. However, the trend has reversed recently.

DOGE's price has plummeted from over $0.22 in early April to its current level of $0.125, a decline of 7.87% in the last 24 hours. Over the past 30 days, it has crashed by 39.29%. This not only highlights the volatility of the crypto market but also exposes the challenges facing the meme coin sector.

Bearish Dogecoin Metrics

CoinGlass data indicates that the DOGE price decline has led to $13.56 million in liquidations in the past 24 hours, with $12.44 million in long positions and $1.12 million in short positions. This data reflects the bearish sentiment among investors.

Additionally, open interest in Dogecoin has dropped by 12.61% to $693.70 million in the last 24 hours, signaling a loss of investor interest in the meme coin.