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The throne of <a href="https://coingape.com/pi42-launches-doge-cardano-avax-link-pairs-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin (DOGE)</a>, the King of meme coins, seems to have shaken up. The DOGE price has been slumping unprecedentedly in recent months. Spotlighting the reasons for Dogecoin price dip, a crypto analyst underscored that the hype around this meme crypto might be dying.
<h2 id="why-is-dogecoin-price-dropping">Why Is Dogecoin Price Dropping?</h2>
Crypto analyst Ali Martinez has noted a concerning trend for Dogecoin as transaction volume and whale transaction count decrease. These metrics, indicative of lower trading activity, suggest a potential decline in interest or confidence in the meme crypto. With fewer individuals engaging in buying, selling, or transferring DOGE, its market dynamics appear to be shifting.
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GGH5sRWWIAAz45b?format=jpg&amp;name=small" alt="Image" width="680" height="309">
 <figcaption class="wp-caption-text">Dogecoin transaction volume and whale transaction count decline, Source: Ali Charts | X
 </figcaption>
</figure>
The above-mentioned observation aligns with the current slump in Dogecoin’s price, reflecting investor sentiment and caution in the crypto market. The DOGE price has dropped below $0.080 despite the recent rebound over the $0.082 level.
According to <a rel="noopener noreferrer nofollow" href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=financials&amp;chart=largeTransactions" target="_blank">Into The Block</a> statistics, the <a href="https://coingape.com/dogecoin-whale-dumps-100-mln-doge-to-robinhood-price-dip-ahead/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin whale</a> transactions volume in the last 24 hours is $630.13 million. It represents more than a 50% decline from the volume of $1.38 billion recorded on January 10, 2024. Moreover, the daily trading volume for Dogecoin dropped massively to $286.87 million from $778 million a month ago.
Also Read: <a href="https://coingape.com/press-releases/deestream-dst-could-this-leap-forward-for-streamers-leave-dogecoin-doge-and-uniswap-uni-holders-behind/" target="_blank" rel="noopener noreferrer nofollow">DeeStream (DST): Could This Leap Forward for Streamers Leave Dogecoin (DOGE) and Uniswap (UNI) Holders Behind?</a>
<h2 id="doge-price-slumps-below-0-08">DOGE Price Slumps Below $0.08</h2>
As of writing, the <a href="https://coingape.com/price/dogecoin/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin price</a> was down by 3.26% to $0.0799 on Monday, February 12, 2024. Whilst, the meme coins boasted a market cap of $11.42 billion, down by 3.50%. In contrast, though the daily trade volume for DOGE is following a downtrend, it saw a 7.38% increase to $286 million in the last 24 hours.
Amid the price drop, the Dogecoin open interest also slumped significantly as derivatives traders pulled their money out. According to <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/DOGE" target="_blank">Coinglass</a> data, the DOGE open interest dropped 3.77% to $474.31 million at press time. In addition, massive liquidations were noted for DOGE today.
In the past 24 hours, $1.09 million of Dogecoin liquidations were registered. Almost the entire liquidation concerned the long positions while only $195 worth of short positions were exited. This suggests that long-term DOGE holders are on a selling spree to minimize their losses as the price slumps, thereby catalyzing a further drop in value.
Also Read: <a href="https://coingape.com/blog/meme-coin-price-prediction-future-of-meme-coins-analyzed/" target="_blank" rel="noopener noreferrer nofollow">Meme Coin Price Prediction: Future of Meme Coins Analyzed</a>
The post <a href="https://coingape.com/heres-why-dogecoin-doge-price-is-falling/" rel="noopener noreferrer nofollow">Here’s Why Dogecoin (DOGE) Price Is Falling</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Here’s Why Dogecoin (DOGE) Price Is Falling

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