Dogecoin Whales De-risk as 45% Price Drop Looms

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DOGE whales are selling amid declining open interest and network activity, suggesting that Dogecoin’s price may continue to fall to as low as $0.12.

Dogecoin whales offload large volumes of DOGE, signaling risk aversion.

Declining open interest and daily active addresses signal less demand for DOGE.

DOGE’s rising wedge pattern signals a bearish reversal with a 45% price drop potential.

Dogecoin price has dropped by over 24% after hitting a multimonth high of $0.28 on July 21. As a result, the memecoin’s largest holders have been offloading DOGE during recent price declines, indicating their lack of confidence in a potential rebound in the coming weeks.

Dogecoin onchain metrics hint at further losses
Investor interest in DOGE remains subdued based on derivatives data. Dogecoin’s futures open interest (OI) is down to $3.24 billion after peaking at $5.35 billion on July 22. An 8% decline since Sunday implies reduced speculative positioning and fewer traders betting on short-term price increases.

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