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Dogecoin

April

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<p>In a riveting turn of events, amid the broader crypto market’s recovery witnessed recently, Dogecoin appears to have defied the broader trend in the market as its price showcased a waining trajectory today, April 9. This comes primarily attributed to a plethora of bearish on-chain factors, potentially pulling DOGE’s price toward a downtrend. Here’s a closer look into the factors that may have pulled DOGE’s price into a slump.</p>
<h2 id="factors-mirroring-doge-s-bearish-movement">Factors Mirroring DOGE’s Bearish Movement</h2>
<p>Intriguingly, Dogecoin’s waining price trajectory, with its price dipping below $0.2 as of press time, per CoinMarketCap’s data, rides along numerous bearish factors encompassing colossal whale dump and on-chain data hinting at a loss of investor interest. Here’s a deeper dive:</p>
<h3 id="derivatives-data-fuels-bearish-sentiments">Derivatives Data Fuels Bearish Sentiments</h3>
<p>According to the on-chain insights streamlined by <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/DOGE" target="_blank">Coinglass</a>, DOGE’s derivatives volume saw a notable 5.04% dip, reaching $3.97 billion, further escorted by an open interest plunge of 1.44%, reaching $1.66 billion. This signaled a significant reduction in market activity for DOGE, and, coupled with the OI-weighted funding rate’s tumbled movement, resting at 0.0347%, data flags a significant reduction in investor interest in the asset. Further, as the price continues to slip, this data underscores an overall bearish sentiment in the market.</p>
<h3 id="liquidations-on-the-rise">Liquidations On The Rise</h3>
<p>Meanwhile, notably, 58,052 traders were liquidated in the past 24 hours, with the total liquidations evaluated as $195.92 million. The largest liquidation order occurred on Binance -BTCUSDT, valued at $5.28 million. Amid this, Dogecoin liquidations totaled $5.36 million, with long positions at $3.01 million and short positions at $2.34 million. This further underscored a bearish sentiment prevailing among crypto market traders and investors, falling in line with DOGE’s fall.</p>
<h3 id="whale-dumps-massive-amounts-of-doge">Whale Dumps Massive Amounts Of DOGE</h3>
<p>Additionally, per the data offered by Whale Alert, a staggering 245 million DOGE was dumped to Robinhood, an American exchange, by an unknown address today. This further stirred a pool of bearishness for DOGE, showcasing the whale’s loss of confidence in the asset, with supply gains for the token on exchanges.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 245,000,000 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DOGE</a> (49,622,788 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Robinhood</a><a href="https://t.co/49ncXiaMbG" rel="noopener noreferrer nofollow">https://t.co/49ncXiaMbG</a></p>
 <p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1777461830048211251?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 8, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Although the blockchain tracker highlighted DOGE accumulations as well, the massive dump appears to have undermined the accumulations, with a bearish trend for DOGE surfing in the market, as mentioned above.</p>
<p><strong>Also Read: <a href="https://coingape.com/eth-price-holds-firms-above-3700-despite-ethereum-etf-uncertainty-whats-next/" target="_blank" rel="noopener noreferrer nofollow">ETH Price Holds Firms Above $3,700 Despite Ethereum ETF Uncertainty, What’s Next?</a></strong></p>
<h3 id="dogecoin-price-fluxes-with-a-falling-trend">Dogecoin Price Fluxes With A Falling Trend</h3>
<p>In the interim, following a highly volatile movement, the <a href="https://coingape.com/price/dogecoin/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin token’s price</a> noted a 0.61% drop in the past 24 hours and is currently resting at $0.1993. This high volatility, further accompanied by a downward trend, indicates significant uncertainty and selling pressure in the market. Moreover, this fall is further reinforced by a market cap dip of 0.60% and a 24-hour trading volume fall of 7.94%, anchoring DOGE’s bearish turn.</p>
<p><strong>Also Read: <a href="https://coingape.com/us-treasury-seeks-stronger-crypto-controls-for-national-security/" target="_blank" rel="noopener noreferrer nofollow">US Treasury Seeks Stronger Crypto Controls for National Security</a></strong></p>
<p>The post <a href="https://coingape.com/why-dogecoin-price-fell-despite-crypto-market-recovery/" rel="noopener noreferrer nofollow">Why Dogecoin Price Fell Despite Crypto Market Recovery?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Why Dogecoin Price Fell Despite Crypto Market Recovery?

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