Dogecoin (DOGE) price has been bearish for the past few weeks. Notably, the DOGE price experienced a major drop recently amid a broader crypto market crash. The market witnessed a bloodbath as investors consider the US Federal Reserve’s Federal Open Market Committee (FOMC) decision on interest rates.
Dogecoin (DOGE) price has been bearish for the past few weeks. Notably, the DOGE price experienced a major drop recently amid a broader crypto market crash. The market witnessed a bloodbath as investors consider the US Federal Reserve’s Federal Open Market Committee (FOMC) decision on interest rates.
Additionally, the sentencing of Binance founder Changpeng Zhao, who pleaded guilty to money laundering violations, was announced on Tuesday. While he was sentenced After four months in prison, the cryptocurrency market plummeted in a brutal reaction to this development.
End of meme coin rally
Earlier this year, the market witnessed the rise in meme coin prices. Dogecoin, the leading meme coin in terms of market capitalization, led this meme coin resurgence and managed to make headway during this time. However, things took a sharp turn more recently.
While the meme coin was trading above the $0.22 price level in early April, its price has plummeted quite a bit since then. Interestingly, the meme coin rally appears to be over. Not only the price of Dogecoin has plummeted, but also other currencies such as Shiba Inu (SHIB) and dogwifhat (WIF) are also falling right now.
DOGE price is currently trading at $0.125, a significant drop of 7.87% in the last 24 hours. Surprisingly, its price has plummeted by 39.29% over the last 30 days. While these figures highlight the volatile nature of the crypto market as a whole, they also show the uglier side of the meme coin sector.
Dogecoin Metrics Turn Bearish
As DOGE price crumbled, CoinGlass data sample that there were $13.56 million in settlements for the currency over the last 24 hours. Of the total, $12.44 million were in long positions and $1.12 million were in short positions. These data show the worrying situation of investors during the current bearish phase of the market.
Another worrying sign for Dogecoin is the lack of investor interest in it. Open interest, a crucial metric for the meme coin, is giving bearish signals. Data from CoinGlass reveals that open interest in Dogecoin has fallen by 12.61% to $693.70 million in the last 24 hours. These numbers are just another sign of fading interest in the meme currency.
