Dogecoin
Why Dogecoin is down 6.8% today
Analysis
Dogecoin (DOGE) fell 6.8% over the past 24 hours even as derivatives positioning heated up, which can amplify downside when price fails to follow through. U.Today reported that DOGE open interest surged about 12% alongside signs of “regaining momentum,” but the increase in leveraged exposure can coincide with volatility and drawdowns if traders unwind positions.
Contributing Factors (1)
Dogecoin Regains Momentum as Open Interest Soars 12%
Dogecoin's futures traders have swung into full action over the past day, with its open interest soaring past 12% over the period as its price turns bullish.
Move Details
Explanation Confidence
Moderate confidence. Multiple factors may be contributing.