Dogecoin (DOGE) has taken a sharp 20% hit from its Saturday high of $0.171, slipping to $0.136 as panic grips the broader crypto market. In just the last 24 hours, DOGE liquidations across all exchanges totaled $37.15 million, with a staggering 85.78%—approximately $31.87 million—being long positions, highlighting the severe bullish miscalculation among traders.
The broader market downturn, spurred by escalating trade war tensions, also saw Bitcoin (BTC) plummet by over 10%, reinforcing the bearish tide. Dogecoin’s 22.6% daily price decline is a stark indicator of how meme coins remain highly vulnerable to macroeconomic shocks.
Bearish Trend Dampens Social Buzz and On-Chain Activity
Once a social media darling, Dogecoin’s popularity is now fading in tandem with its price. According to Santiment, daily active addresses spiked in November and again in mid-March but have since returned to January-level lows. Social dominance, too, has steadily declined, reaching new lows in April.
This diminishing attention underscores a broader disinterest among investors. Historically, DOGE has seen spikes in both social activity and price following bullish runs, such as the 20% surge on March 12 that momentarily reignited trader enthusiasm. However, sustained momentum appears elusive.
Technical Indicators Signal Further Weakness
The funding rate has recently slipped into negative territory, signaling increased favorability for short positions. Historically, such conditions have occasionally preceded short-term price bounces, but the prevailing market structure remains decisively bearish.
On the daily chart, DOGE has been under persistent selling pressure since December. The On-Balance Volume (OBV) trend continues to decline, while the Relative Strength Index (RSI) remains stuck below the neutral 50 level—both confirming bearish momentum.
Also Read: Dogecoin Drops 15% as Whale Dumps 300M DOGE to Binance
DOGE is currently testing support at $0.131, with the next critical level at $0.102. A relief bounce toward $0.154–$0.164 is possible, offering short-term hope. Yet, unless broader sentiment shifts, the meme coin is likely to remain in a downtrend.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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