Dogecoin (DOGE) Price Struggles as Major Metrics Turn Bearish

The Dogecoin (DOGE) price has been in a bearish state for the last few weeks. Notably, the DOGE price saw a major dip recently amid a broader crypto market crash. The market witnessed a bloodbath as investors consider the decision of the U.S. Federal Reserve's Federal Open Market Committee (FOMC) on interest rates.

Moreover, Tuesday saw the sentencing of Binance founder Changpeng Zhao, who pleaded guilty to money laundering violations. While he was sentenced to four months in prison, the crypto market took a nosedive in a brutal reaction to this development.

End of meme coin rally

Earlier this year, the market witnessed surging prices of meme coins. Dogecoin, the leading meme coin in terms of market capitalization, was leading this meme coin resurgence and managed to rally ahead during this time. However, things took a sharp turn more recently.

While the meme coin was trading over the $0.22 price level at the start of April, its price has since tanked quite badly. Interestingly, the meme coin rally seems to be over now. Not only has the Dogecoin price crashed, but other coins like Shiba Inu (SHIB) and dogwifhat (WIF) are also tumbling at the moment.

The price of DOGE is currently trading at $0.125, a major decline of 7.87% in the last 24 hours. Surprisingly, its price has crashed by 39.29% during the last 30 days. While these numbers highlight the volatile nature of the broader crypto market, they also show the uglier side of the meme coin sector.

Dogecoin’s metrics turn bearish

As the DOGE price has crumbled, CoinGlass data shows that there were $13.56 million in liquidations for the coin during the last 24 hours. Out of the total, $12.44 million was in long positions and $1.12 million was in short positions. This data shows the worrying situation of investors during the current bearish phase of the market.

Another troubling sign for Dogecoin is the lack of investor interest in it. Open interest, a crucial metric for the meme coin, is giving bearish signals. CoinGlass data reveals that open interest in Dogecoin has dropped 12.61% to $693.70 million in the last 24 hours. These numbers are just another sign of the fading interest in the meme coin.