- It seems the big fish of Dogecoin have decided to do a little spring cleaning, casting a shadow over the market with a 17% dive.
- DOGE‘s mood ring is showing nothing but frowns, hinting at a possible trip to the underworld of price charts.
In the grand tapestry of cryptocurrency drama, Dogecoin [DOGE] has just added a rather gloomy chapter. Over the past day, it’s tumbled 17.64%, and if you’re keeping score at home, that’s a 36.43% monthly nosedive. It’s like DOGE is playing limbo, and the bar just keeps getting lower!
Turns out, it’s not just the little fishies that are worried; the big whales have been throwing their weight around, and by weight, we mean a lot of DOGE. Over 270 million coins changed fins in the last 24 hours, and let’s just say, it wasn’t for a game of fetch.
When Whales Bail, Tsunamis Ensue
These deep-pocketed behemoths, who hoard anywhere from 100 million to over a billion DOGE, have decided it’s time for a swim in cashier’s bay. Their sell-off has caused more than a few ripples, pushing prices down faster than you can say “bubbles.”
It’s a classic case of “every whale for himself,” as they try to either cash in their chips, break even, or cut their losses before they become the main course for bigger fish.
As the bears start their parade, other traders are scrambling to close their long positions before they become more like “long shots.”
Bearish Bets on the Rise
Derivative traders have donned their bear suits, as two key indicators—the Funding Rate and Open Interest—have taken a turn for the worse.
The Funding Rate, which is like a crypto mood ring, is flashing red. Sellers are in the driver’s seat, and they’re not offering free rides. DOGE’s Funding Rate is currently negative, which means perpetual contracts are a sea of red.
Open Interest, which is like the size of the derivatives pond, has shrunk by 30.08%. It’s as if traders are draining the pool, and the water level is dropping faster than you can say “doggy paddle.”
Long Story Short: Bulls Get Roasted
Optimistic traders are feeling the burn as the bear market torches their hopes. The liquidation numbers are as lopsided as a one-legged dog at a race, with long positions getting trampled.
In just an hour, over two million bucks worth of long positions got a one-way ticket to Splitsville, while short positions barely made a dent.
The numbers don’t lie; the bear trend is as deep as the Mariana Trench, and it’s not looking up anytime soon.
Check out Dogecoin’s [DOGE] Price Prediction 2025–2026 if you dare!
With long positions worth a whopping $69.46 million getting the ax, and shorts only accounting for $18.94 million, it’s clear the bears are throwing a party. If this keeps up, DOGE might just find itself in the doghouse of market lows.
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2025-02-03 15:08