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Dogecoin reversed its rise at the start of the week; the dog coin had climbed on Monday, reaching Tuesday before it retreated.
Wednesday saw traders taking profits as the rally was sold into, with Dogecoin falling after reaching a high of $0.127.
The drop continued on Thursday, even as the broader crypto market traded in red. At press time, Dogecoin was extending its drop, as it remains in red across the hourly, daily and weekly time frames.
Dogecoin is currently down 2.51% in the recent hour and down 5.79% in the last 24 hours to $0.117.
Bulls took a break across the crypto markets over the past 24 hours, as risk-off sentiment swept through global markets.
In the last 24 hours, Crypto futures bets worth over $509 million have been liquidated, marking a 57% increase in the last 24 hours. Most of these are long positions hoping for prices to further increase.
Even though the Federal Reserve's decision to hold interest rates steady at 3.5%-3.75% was widely expected, a rotation into safe haven assets left crypto traders facing a sell-off.
Dogecoin sees 10,782% volume surge as metrics stay in red
Dogecoin is trading down weekly by 6%. Zooming out to the last 24 hours, Dogecoin's open interest is down 1.38% to stand at $1.4 billion. Meanwhile, 24-hour liquidation for Dogecoin came in at $6.27 million, according to CoinGlass data.
In line with this, Dogecoin has seen its whale activity drop. According to Alicharts, large transactions of over $1 million for Dogecoin dropped by 94.6%, from 109 to just 6, over the past four weeks.
Dogecoin's spot trading volumes have also declined 13% in the last 24 hours to $1.16 billion, according to CoinMarketCap data.
As Dogecoin metrics remain in red, an outlier stands out in the futures market. According to CoinGlass data, futures volume on the Bitmex exchange has increased by 10,782% in the last 24 hours to $200.98 million.
Support is expected at $0.11 and $0.10 if the drop continues, while the next price barrier lies at $0.133 (the daily MA 50) in the event of a market rebound.
Tomiwabold Olajide
Caroline Amosun
Alex Dovbnya
Godfrey Benjamin