Dogecoin's Open Interest and MDIA Indicate Market Stagnation and Caution

狗狗币的未平仓合约和 MDIA 表明市场停滞和谨慎

Dogecoin's open interest has plummeted to $1.42 billion, a sharp decline from its April peak of $12 billion. This sustained drop in open interest, especially amidst DOGE's recent price decline to $0.32, suggests traders are unwinding positions due to reduced optimism.

狗狗币的未平仓头寸已暴跌至 14.2 亿美元，较 4 月份峰值 120 亿美元大幅下降。未平仓头寸持续下降，尤其是在 DOGE 最近价格跌至 0.32 美元的情况下，表明交易者因乐观情绪减弱而正在平仓。

This bearish trend in open interest often indicates waning confidence in short-term price recovery. Coupled with a 20% drop in DOGE's price over the past week, the shrinking open interest implies traders are hesitant to open new positions, signaling potential for further correction unless market sentiment reverses.

未平仓头寸的这种看跌趋势通常表明对短期价格复苏的信心减弱。再加上过去一周 DOGE 价格下跌 20%，未平仓合约减少意味着交易者对开立新头寸犹豫不决，这表明除非市场情绪逆转，否则可能会进一步调整。

MDIA Reveals Stagnation and Cautious Sentiment

MDIA 揭示了停滞和谨慎的情绪

The Market Value to Realized Value (MDIA) indicator suggests Dogecoin holders are increasingly opting to hold rather than trade their assets. MDIA, which measures the average age of coins weighted by purchase price, has steadily risen to 335 days. This trend indicates that long-term holders are not actively trading or reallocating their assets, pointing to stagnation within the market.

市场价值与已实现价值（MDIA）指标表明，狗狗币持有者越来越多地选择持有而不是交易其资产。 MDIA（衡量按购买价格加权的代币平均年龄）已稳步上升至 335 天。这一趋势表明长期持有者并未积极交易或重新分配其资产，表明市场陷入停滞。

Historically, a rising MDIA has correlated with reduced liquidity and lower demand, often interpreted as a bearish signal. If this upward trajectory persists, it underscores a lack of fresh capital or speculative activity in the DOGE market, aligning with its recent price declines. This supports the narrative of cautious sentiment dominating Dogecoin's short-term outlook.

从历史上看，MDIA 上升与流动性减少和需求下降相关，通常被解读为看跌信号。如果这种上升趋势持续下去，则凸显出 DOGE 市场缺乏新资本或投机活动，这与近期价格下跌是一致的。这支持了谨慎情绪主导狗狗币短期前景的说法。

Dogecoin Struggles Below Key Support Levels

狗狗币在关键支撑位下方挣扎

On the daily chart, Dogecoin is struggling to reclaim critical support levels following its recent downturn. The price has dropped below the $0.35 threshold, which previously acted as a significant support level, indicating that bearish momentum continues to dominate.

在日线图上，狗狗币在最近的低迷之后正在努力夺回关键支撑位。价格已跌破 0.35 美元的门槛，该门槛此前是一个重要的支撑位，表明看跌势头继续占主导地位。

The Moving Average Convergence Divergence (MACD) indicator confirms this bearish outlook. At press time, the MACD line is positioned in negative territory, reflecting downward momentum. The histogram shows fading bearish pressure, but until a clear bullish crossover occurs, recovery prospects remain limited.

移动平均收敛分歧（MACD）指标证实了这一看跌前景。截至发稿，MACD 线位于负值区域，反映出下行势头。柱状图显示看跌压力正在减弱，但在出现明显的看涨交叉之前，复苏前景仍然有限。