Leading memecoin Dogecoin (DOGE) has witnessed a significant double-digit price drop over the past week, raising concerns among investors and traders.

過去一周，領先的迷因幣狗狗幣（DOGE）的價格出現了兩位數的大幅下跌，引起了投資者和交易者的擔憂。

The decline intensified on June 17, when DOGE plummeted to a three-month low, triggering the highest long liquidations recorded this year.

6 月 17 日跌勢加劇，DOGE 暴跌至三個月低點，引發了今年有史以來最高的多頭清算。

Dogecoin Long Liquidations Surge

狗狗幣多頭清算激增

During the early hours of the week, the price of Dogecoin plunged to a three-month low of $0.12, resulting in a substantial spike in long liquidations, reaching $44.21 million on that day.

本週早些時候，狗狗幣價格暴跌至三個月低點 0.12 美元，導致多頭清算大幅增加，當天達到 4,421 萬美元。

According to reports by BeinCrypto, this marked the highest figure since the beginning of the year. In the derivatives market, liquidations occur when a trader's position is forcibly closed due to insufficient funds to maintain it.

據 BeinCrypto 報導，這是今年以來的最高數字。在衍生性商品市場中，當交易者的部位因維持資金不足而被強制平倉時，就會發生清算。

Long liquidations happen when the value of an asset drops unexpectedly, forcing traders with long positions to sell their contracts.

當資產價值意外下跌時，就會發生多頭清算，迫使持有多頭部位的交易者出售合約。

Short Liquidations in Comparison

短期清算比較

In contrast, the value of short positions liquidated on the same day was less than $400,000. Since this event, DOGE funding rates across crypto exchanges have remained predominantly negative.

相比之下，當天平倉的空頭部位價值不到40萬美元。自此事件發生以來，加密貨幣交易所的 DOGE 融資利率一直主要為負值。

As of , the weighted DOGE funding rate stands at -0.003%. Funding rates refer to periodic payments made between traders to ensure the futures contract market price remains close to the spot price of the underlying asset.

截至 ，DOGE 加權融資利率為-0.003%。資金費率是指交易者之間為確保期貨合約市場價格維持接近標的資產現貨價格而進行的定期付款。

When the asset's futures price is higher than the spot price, the funding rate becomes positive, and traders with long positions pay fees to traders with short positions, suggesting higher demand for longs.

當資產的期貨價格高於現貨價格時，資金費率為正，多頭交易者向空頭交易者支付費用，表示多頭需求增加。

Funding Rates and Market Sentiment

資金費率和市場情緒

On the other hand, an asset's funding rate becomes negative when the perpetual futures price is lower than the spot price.

另一方面，當永續期貨價格低於現貨價格時，資產的融資利率變成負值。

In this scenario, short traders pay funding fees to those holding long positions, indicating that more traders are anticipating the asset's price to decline than those buying in anticipation of a price increase.

在這種情況下，空頭交易者向持有多頭部位的交易者支付資金費用，這表明預期資產價格下跌的交易者多於預期價格上漲而買入的交易者。

DOGE's price decline also led to it falling below its 20-day and 50-day exponential moving averages (EMAs) on June 7.

DOGE 的價格下跌也導致在 6 月 7 日跌破 20 日和 50 日指數移動平均線 (EMA)。

When an asset's price drops beneath these two key EMAs, it signals increasing selling pressure and confirms the bearish bias against the asset, prompting many traders to close their long positions.

當資產價格跌破這兩個關鍵均線時，則表示拋售壓力增加，並證實了對該資產的看跌偏見，促使許多交易者平倉多頭部位。

Additionally, the negative value of DOGE's Elder-Ray Index further confirms the bearish sentiment surrounding the memecoin. The Elder-Ray Index measures the relationship between buyer and seller strength in a market.

此外，DOGE 的 Elder-Ray 指數的負值進一步證實了圍繞 memecoin 的看跌情緒。 Elder-Ray 指數衡量市場中買家和賣家實力之間的關係。

A negative value indicates that bearish forces are dominant in the market. Since DOGE's price fell below these key moving averages, the Elder-Ray Index has consistently returned negative values. As of , the DOGE Elder-Ray Index has a value of -0.023.

負值表示看跌力量在市場中占主導地位。由於 DOGE 的價格跌破這些關鍵移動平均線，Elder-Ray 指數一直回傳負值。截至 ，DOGE Elder-Ray 指數值為 -0.023。

If DOGE bears maintain control and selling momentum intensifies, the memecoin could decline further and reach $0.11. Traders and investors should closely monitor these indicators to make informed decisions about their Dogecoin positions.

如果 DOGE 空頭保持控制並且拋售勢頭加劇，memecoin 可能會進一步下跌並達到 0.11 美元。交易者和投資者應密切注意這些指標，以便就其狗狗幣部位做出明智的決定。