Dogecoin’s price has remained in a consolidation phase, trading at $0.1242, down over 42% from its highest point this year. This marks a stark contrast to other meme cryptocurrencies, such as MOTHER Iggy and Hoppy, which have seen significant gains.
Dogecoin’s trading volume and open interest have both declined, with its 24-hour volume often staying below $1 billion, much less than smaller meme coins like Pepe. Open interest, which peaked at over $1.9 billion in March, has now slumped to $578 million, predominantly from Binance, Bybit, and Bitget.
Technical indicators show Dogecoin below the 200-day and 50-day Exponential Moving Averages, which is a bearish sign. The potential formation of a death cross could worsen the situation. Sitting at an important support level, Dogecoin risks falling to the psychological point at $0.10.
This trend underscores the shifting focus of day traders towards newer meme coins, highlighting Dogecoin’s challenges in maintaining its market position.
