- Dogecoin fell 16% in 24 hours, triggering $42M in market liquidations.
- Open interest plunged over 77% from January’s $5.42B peak to $1.34B.
- Trader Tardigrade sees familiar bullish chart patterns forming again for DOGE.
Dogecoin recorded a sharp 16% decline over the past 24 hours, dropping its value to $0.1486 at press time, according to CoinMarketCap. As a result of this sharp move, a wave of liquidation was triggered across the futures and derivatives market. On-chain data aggregator CoinGlass shows $42.49 million worth of positions were wiped out, with $32.71 million being long positions and $9.78 million being short ones.
Open Interest Hits 2025 Low as Trader Activity Declines
As DOGE’s price slipped, its Open Interest also fell. As of this publication, Dogecoin’s Open Interest sits at $1.34 billion—the lowest reading since 2025. This represents an over 77% decline from its January peak of $5.42 billion. The trend shows more than just a price correction. It epitomizes a more radical change in trader behavior.
Dogecoin’s Open Interest (Source: CoinGlass)
As shown in the chart, DOGE’s open interest remained high throughout January before slowing down in February. This slide accelerated in March, indicating that market activity had started to cool. Since then, the leveraged bets have simply faded.
As open interest dropped, it is easy to see that the rate of speculative demand has also slowed. Market activity is thinning, and now many traders are standing by. The market is in wait mode, whether a pause or a reset—something will have to move soon.
Analyst Sees Historical Pattern Forming Ahead of Potential Breakout
Despite Dogecoin’s sharp drop in market value, several analysts remain convinced this is a brief pause. They predict a fresh bull phase will appear as buyers step in. For instance, crypto analyst Trader Tardigrade notes that the current DOGE setup reflects a familiar structure that has often preceded strong upward moves.
DOGE/USD 1-Month Chart (Source: X Post by Trader Tardigrade)
Tardigrade’s chart, based on the monthly time frame, displays a rounded bottom followed by a tightening falling wedge. These patterns appeared before major rallies in 2016–2017 and again in 2019–2020. A similar setup took shape in 2021 when DOGE climbed from below $0.01 to above $0.70 within months.
As shown, DOGE is trading below $0.20 while consolidating within the wedge. This compression resembles phases in past market cycles that led to upward breaks. The visual analysis suggests that DOGE’s current positioning may align with the early stages of such a move.
While no outcome is certain, the consistency of these chart formations across multiple years offers a historical framework. Price movements remain within a narrow range, but the chart structure is holding. Traders monitoring long-term trends are now watching for a breakout that could echo previous cycles based on repeating formations that shaped DOGE’s earlier rallies.
Dogecoin’s Founder Comments as Market Sentiment Weakens
As prices slipped across the crypto market early Monday, Dogecoin’s founder, Billy Markus, posted a message that quickly drew attention. Known on X as Shibetoshi Nakamoto, Markus stayed silent during earlier market shifts but reappeared with a meme that stirred discussion.
His image included a four-line caption that mapped market phases to meme quality. It read: “Bear markets create strong memes,” “Strong memes create bull markets,” “Bull markets create bad memes,” and “Bad memes create bear markets.”
The timing added weight. Most cryptocurrencies faced sharp sell-offs, and the market mood turned cold. Markus didn’t reference charts or comment on price movement. Instead, his meme pointed to how emotions and humor often follow market trends.
His post found traction within the Dogecoin community and beyond. It offered a sharp reminder that sentiment, like price, moves in cycles—often shaped by the same crowd that reacts to the volatility they help fuel.
