Analyzing Dogecoin Market Dynamics Amidst Weekly Decline
Dogecoin experienced a notable weekly decline, retracing some of its significant monthly gains as broader crypto market sentiment deteriorated. The asset's price action was accompanied by a reduction in leveraged positioning and underperformance against Bitcoin, signaling a shift in its internal market dynamics. Elevated volatility persisted, while the overall market cap and rank remained stable.
Price Action and Volatility Metrics
Dogecoin's price declined by 8.60% over the past seven days, contrasting with its 18.60% gain over the last 30 days. The asset currently trades 88.65% below its all-time high. Realized volatility over seven days stood at 60.73%, exceeding its 90-day baseline of 55.87%. Dogecoin underperformed Bitcoin by 9.7880% over the week and 2.0311% over the past month. Its 30-day correlation with Bitcoin was 0.6389, below the 90-day baseline of 0.8191, indicating some divergence from the benchmark. The 24-hour volume momentum, at 0.359, suggests recent trading activity has been below its 7-day average.
Metric | Value |
DOGE Price | $0.08 (-2.90% 24h / -8.60% 7d / +18.60% 30d) |
Volume 24h | $708.4M |
Native Quote Vol. 24h | $14.5M |
Market Cap | $12.93B |
Market Cap Rank | 12 |
Circulating Supply | 155.72B DOGE |
ATH Distance | 88.65% below ATH |
Metric | Value |
DOGE/BTC Ratio | 0.00000100 |
Relative Perf. 7d vs BTC | -9.79% |
Relative Perf. 30d vs BTC | -2.03% |
Speculative Interest and Funding Rates
Speculative interest in Dogecoin saw a reduction, with Open Interest decreasing by 12.11% over the last seven days to $0.219 billion, though it remains above its 90-day baseline of $0.192 billion. The current funding rate is positive at 0.005141%, with a 7-day cumulative of 0.042778%. However, the 30-day funding Z-score of -0.4312 indicates that current funding levels are below the monthly average, suggesting a less aggressive long bias compared to recent norms. Liquidations over the past week were predominantly long, accounting for $35.5 million (67.8%) compared to $16.9 million (32.2%) in short liquidations. The 30-day average also shows a long bias at 69.3%, yet the overall directional skew in the liquidation profile is balanced, indicating no extreme concentration of risk at specific price levels.
Metric | Value |
Funding Rate (current) | +0.0051% |
Funding Cumul. 7d | +0.0428% |
Open Interest | $0.22B (-12.11% 7d) |
Liq. 24h Longs | $0M |
Liq. 24h Shorts | $0M |
Liq. 7d Longs | $35M |
Liq. 7d Shorts | $17M |
Metric | Value |
Realized Vol 7d | +60.73% (90d avg: +55.87%) |
Realized Vol 30d | +57.49% |
Corr. BTC 30d | 0.6389 (90d avg: 0.8191) |
Beta vs BTC | 0.9418 |
Volume Momentum | 0.3594x |
Funding Z-Score 30d | -0.43σ |
Turnover Ratio | 0.0548 |
Liq. Intensity | 0.00405 |
Key Dynamics to Monitor
Several dynamics warrant monitoring in the coming week. The first involves Dogecoin's relative performance against Bitcoin; a continued underperformance or further deviation in correlation from its 90-day baseline could signal a sustained shift in capital flow away from the asset. Second, the trend in Open Interest and funding rates will be crucial; a further decline in Open Interest coupled with a persistently negative funding Z-score would suggest ongoing deleveraging and a lack of renewed speculative conviction. Conversely, a reversal in these metrics could indicate fresh interest. Finally, the upcoming US macroeconomic data, including ISM Manufacturing and Services PMIs, ADP Non-Farm Employment Change, and the Non-Farm Employment Change, could influence broader market sentiment and liquidity, potentially impacting Dogecoin's ability to stabilize or attract new capital.
Indicator | Value | Variation |
Broad Dollar Index | 118.06 | flat (7d) |
US 10Y Yield | 4.67% | -0.03pp (7d) |
Fed Balance Sheet | $6731B | -$14,787M (7d) |
M2 Money Supply | $23,218B | +$102.8B (1m) |
Fear & Greed | 62 (Greed) | -12 pts (7d) |
Fear & Greed Index: Alternative.me
Dogecoin Weekly Takeaway
Dogecoin concluded the week in a state of retracement and deleveraging, following a period of significant monthly gains. The internal market structure reflects a cooling of speculative fervor, evidenced by reduced Open Interest and a less aggressive long positioning indicated by the funding Z-score. While the asset maintains a substantial distance from its all-time high, the recent underperformance against Bitcoin and the broader market's deteriorating sentiment suggest a period where internal consolidation or further pressure could unfold.
Disclaimer
This analysis of Dogecoin market dynamics is purely informational and does not constitute investment advice or a recommendation to buy or sell any asset.
