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What’s Going on with Dogecoin (DOGE)? A Rare Event Unfolding
What’s Happening in Dogecoin (DOGE)? An Event Not Seen in a Year
Market analysts have recently observed new data in some of Dogecoin’s (DOGE) metrics. So, what does this data signify?
Author:
Mete Demiralp
20.06.2024 – 19:19
Update:
10 hours ago
0
Dogecoin (DOGE), the cryptocurrency market’s most popular memecoin, is starting to witness a surge in short positions.
Data from Coinalyze reveals that DOGE’s funding rates have turned negative since Tuesday, reaching -0.0027% as of Thursday. These levels were last seen in October 2023. Funding rates refer to periodic payments made by traders based on the difference between prices in the futures and spot markets.
Although these rates are not significantly high, they do indicate a bearish sentiment in the market as they continue to decrease in tandem with the decline in prices. Last week, DOGE lost 12% in value, wiping out all the gains it had accumulated since March.
The open position for DOGE, i.e., the number of outstanding futures contracts, dropped from around $800 million on Monday to $611 million as of Thursday. This decline also points to a decrease in demand for this token.
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Rates briefly dipped into the red during a few eight-hour trading sessions in March, but not for an extended period as seen this week.
Tokens in the Memecoin sector experienced losses of up to 40% over a seven-day period. Investors are shifting from riskier tokens to Bitcoin and stablecoins.
“When Bitcoin price drops, memecoins not only follow, but lose an even larger portion of their value,” Neil Roarty, an analyst at investing platform Stocklytics, said in an email. “Any plans for a Memecoin summer may have to be put on hold.”
*This is not investment advice.
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