Dogecoin Price Challenges Market Trend with Weak Movement

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Following the recent broader cryptocurrency market recovery, Dogecoin (DOGE) price today, April 9, exhibited a weakening price movement, which could challenge the broader market trend. A combination of factors within the cryptocurrency could potentially pull DOGE‘s price into a downtrend.

Whale Activity in DOGE

According to data from 21milyon.com, the weakening price trajectory of Dogecoin, falling below $0.2 as of the writing of this article, brings with it numerous downtrend factors, including massive whale dumps and a loss of investor interest indicated by on-chain data.

On-chain data prepared by Coinglass shows that DOGE’s derivatives volume has reached $3.97 billion, a notable decrease of 5.04%. Open positions have also decreased by 1.44%, reaching $1.66 billion.

Current Data on DOGE

This situation could indicate a significant decline in market activity for DOGE, and when combined with the OI weighted funding rate remaining at 0.0347%, the data points to a significant decrease in investor interest in the token. Moreover, as the price continues to fall, this data could underline the overall downtrend in the market.

In the last 24 hours, 58,052 traders were liquidated, with total liquidations valued at $195.92 million. Dogecoin liquidations reached a total of $5.36 million, with long positions at $3.01 million and short positions at $2.34 million. This could emphasize the prevailing downtrend in line with DOGE’s decline among cryptocurrency market analysts and investors. Additionally, according to data from Whale Alert, today a surprising 245 million DOGE were transferred to the American exchange Robinhood by an unknown address. This further intensified the downtrend for DOGE, indicating the whale’s loss of confidence in the token and revealing increases in token supply on exchanges. Although the Blockchain tracker also highlighted DOGE accumulations, it seems that massive accumulations indicating a downtrend have influenced the DOGE wave in the market.