dogecoin (DOGE) price has been in a downward trend over the past few weeks. DOGE price has experienced a particularly pronounced decline recently, driven by the general decline in the broader crypto market.
The market lost blood as investors evaluated the US Federal Reserve’s Federal Open Market Committee (FOMC) decision on interest rates. Moreover, news on Tuesday that Binance founder Changpeng Zhao was found guilty of money laundering violations caused a harsh reaction in the market. With Zhao sentenced to four months in prison crypto- The market responded negatively to these developments.
Is the Meme Coin Rally Over?
Earlier this year, the crypto market meme coinIt witnessed the rise in prices of . In particular, Dogecoin, the leading meme coin in terms of market capitalization, led this upward trend and managed to stand out. However, recently the situation has changed sharply. While at the beginning of April, the meme coin was trading at a price level of $0.22, prices have dropped quite badly since then.
Interestingly, the meme coin rally seems to be over now. Not only has the Dogecoin price dropped, but other coins like Shiba Inu (SHIB) and dogwifhat (WIF) are also declining. The price of DOGE is currently trading at $0.125. Additionally, it recorded a massive decline of 7.87% in the last 24 hours. Surprisingly, its price has fallen by 39.29% in the last 30 days. These figures illustrate the volatile nature of the crypto market and the challenges of the meme coin industry.
Dogecoin’s Measurements Have Been Declining
While DOGE price is falling, CoinGlass data shows $13.56 million in liquidations in the last 24 hours. Of these liquidations, $12.44 million comes from long positions and $1.12 million comes from short positions. This data shows that investors are worried during the current bearish phase of the market. Another worrying sign for Dogecoin is declining investor interest. The decrease in open interest, which is an important criterion for Meme coins, shows this decrease. CoinGlass data shows open interest in Dogecoin dropped 12.61% to $693.70 million in the last 24 hours. These figures can be considered as another sign that interest in meme coins is decreasing.
