Dogecoin (DOGE) Price Struggles as Major Metrics Turn Bearish
Release: 2024/05/01 22:34 Reading: 235
Cover image via U.Today
Dogecoin (DOGE) Price Plummets Amid Market Turmoil
The Dogecoin (DOGE) price has endured a bearish trend in recent weeks. Notably, DOGE experienced a significant dip amidst a broader cryptocurrency market crash. Investors anxiously awaited the decision of the U.S. Federal Reserve's Federal Open Market Committee (FOMC) on interest rates.
Additionally, Tuesday witnessed the sentencing of Binance founder Changpeng Zhao, who pleaded guilty to money laundering violations. Despite being sentenced to four months in prison, the crypto market reacted negatively, leading to a sharp decline.
End of the Meme Coin Rally
Earlier this year, meme coins surged in value. Dogecoin, the market capitalization leader among meme coins, played a pivotal role in this resurgence. However, the trend has recently reversed.
While DOGE traded above $0.22 in early April, its price has since plummeted. The meme coin rally appears to have come to an end. Not only has Dogecoin crashed, but other meme coins such as Shiba Inu (SHIB) and dogwifhat (WIF) are also experiencing declines.
DOGE Price Tanks
DOGE is currently trading at $0.125, a significant 7.87% decline in the past 24 hours. Alarmingly, the price has plummeted 39.29% over the past 30 days. These figures underscore the volatility of the crypto market and the challenges facing the meme coin sector.
Bearish Metrics for Dogecoin
As the DOGE price has fallen, CoinGlass data reveals $13.56 million in liquidations for the coin in the past 24 hours. Of this total, $12.44 million was in long positions and $1.12 million was in short positions. This data reflects the precarious situation of investors during the current market downturn.
Another concerning indicator for Dogecoin is the waning investor interest. Open interest, a critical metric for the meme coin, has declined 12.61% to $693.70 million in the past 24 hours. These figures further suggest a loss of enthusiasm for the meme coin.
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