The Ethereum Classic (DOGE) is the blueprint for memecoins around the world, but it hasn’t been the best performer in this cycle. However, it did manage to make some small gains, up 8% in a day, driven by the spot Ethereum ETF hype a week ago. However, at press time, DOGE’s chart appears to be in the red. Has the world’s largest meme cryptocurrency completely gone downhill?

First, let’s look at Dogecoin holders. Data from IntoTheBlock shows that the vast majority (83%) of Dogecoin holders are profitable at current prices. So despite recent losses, long-term holders are still in a good position. Especially since 63% of the Dogecoin supply is also held by whales.

BTC is also worth watching here. The strong correlation with Bitcoin (0.86) shows that Dogecoin’s price action is heavily influenced by broader market trends, especially Bitcoin’s.

Inflows ($221.14 million) and outflows ($221.68 million) to exchanges were almost even over the past week, which could indicate a balance of buying and selling activity among traders. In fact, Dogecoin has consolidated its position as neither the bulls nor the bears have the upper hand on the charts.

Dogecoin’s surge, especially when shorts are liquidated, corresponds with a sudden increase in price, suggesting that a rapid uptrend forces short sellers to exit their positions at a loss.

The overall trend shows a coexistence of long and short liquidations with neither increasing on a sustained basis, suggesting that the market is characterized by speculative trading and sudden price changes rather than consistent directional movements.

This liquidation pattern also matches DOGE’s ongoing price performance. While resilient, the market remains uncertain, marked by short-lived rallies and corrections. As is typical of memecoins.

Analyzing Dogecoin’s monthly chart, it can be seen that the cryptocurrency is also struggling with volatility and market sentiment. For example, over the past month, Dogecoin has experienced a series of fluctuations, but has mainly fluctuated in a limited price range of about $0.135 to $0.175.

Dogecoin Price Prediction for June

As DOGE ended May on a bearish note, analyzing the data found that DOGE’s MVRV ratio was -0.5%, which looks bearish. Other than that, most indicators are bullish. For example, whale activity around the coin is high. Its daily active addresses are also stable, indicating continued high network activity.  #meme板块关注热点

Generally speaking, an increase in liquidations leads to a price pullback. Conversely, if DOGE continues its bearish trend, then its value could drop to $0.153.

Dogecoin long-term price prediction, June’s bull rally could see Dogecoin easily rise to the April high of $0.21. If DOGE breaks above that level and manages to sustain the rally, it wouldn’t be a stretch to expect the memecoin to touch $0.28 in June.  $DOGE