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

过去一周，领先的模因币狗狗币（DOGE）的价格出现了两位数的大幅下跌，引起了投资者和交易者的担忧。

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 日跌势加剧，DOGE 暴跌至三个月低点，引发了今年有记录以来最高的多头清算。

Dogecoin Long Liquidations Surge

狗狗币多头清算激增

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.

本周早些时候，狗狗币价格暴跌至三个月低点 0.12 美元，导致多头清算大幅增加，当天达到 4421 万美元。

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.

据 BeinCrypto 报道，这是今年以来的最高数字。在衍生品市场中，当交易者的头寸因维持资金不足而被强制平仓时，就会发生清算。

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

当资产价值意外下跌时，就会发生多头清算，迫使持有多头头寸的交易者出售合约。

Short Liquidations in Comparison

短期清算比较

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，当天平仓的空头头寸价值不到40万美元。自此事件发生以来，加密货币交易所的 DOGE 融资利率一直主要为负值。

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 加权融资利率为-0.003%。资金费率是指交易者之间为确保期货合约市场价格保持接近标的资产现货价格而进行的定期付款。

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.

当资产的期货价格高于现货价格时，资金费率为正，多头交易者向空头交易者支付费用，表明多头需求增加。

Funding Rates and Market Sentiment

资金费率和市场情绪

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，当永续期货价格低于现货价格时，资产的融资利率变为负值。

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.

在这种情况下，空头交易者向持有多头头寸的交易者支付资金费用，这表明预期资产价格下跌的交易者多于预期价格上涨而买入的交易者。

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

DOGE 的价格下跌还导致其在 6 月 7 日跌破 20 日和 50 日指数移动平均线 (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.

当资产价格跌破这两个关键均线时，则表明抛售压力增加，并证实了对该资产的看跌偏见，促使许多交易者平仓多头头寸。

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 指数的负值进一步证实了围绕 memecoin 的看跌情绪。 Elder-Ray 指数衡量市场中买家和卖家实力之间的关系。

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.

负值表明看跌力量在市场中占主导地位。由于 DOGE 的价格跌破这些关键移动平均线，Elder-Ray 指数一直返回负值。截至 ，DOGE Elder-Ray 指数值为 -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 空头保持控制并且抛售势头加剧，memecoin 可能会进一步下跌并达到 0.11 美元。交易者和投资者应密切关注这些指标，以便就其狗狗币头寸做出明智的决定。