Why is Dogecoin Price Down Today? 🚨🐶

The crypto market is in a state of turbulence! Dogecoin’s price has taken a hit, following Bitcoin’s sharp retreat after falling short of breaking the $100,000 milestone. This pullback triggered massive long liquidations across the market, impacting multiple assets.

📊 Key Highlights:

🔹 Bitcoin Open Interest (OI): Hit an all-time high of $57 billion on Nov. 22, fueled by Bitcoin’s surge to a new peak of $99,486.
🔹 Ethereum Open Interest (OI): Rose 12% to a record $20.8 billion, as ETH gained 7% within the same period.
🔹 Dogecoin’s Decline: Market-wide corrections and liquidations have dragged meme coins, including Dogecoin, down amid volatile sentiment.

🔍 What is Open Interest?

Open Interest measures the total number of outstanding futures contracts on exchanges. Higher OI signifies increased market participation and liquidity, often preceding sharp price movements.

📈 Who Dominates the OI Markets?

🔹 Bitcoin OI Leader: CME, with over 33% market share, holding 216,820 BTC worth $21.23 billion.
🔹 Ethereum OI Leader: Binance leads with 31.19%, accounting for 1.9M ETH valued at $20.09 billion.

💡 What This Means for the Market:

The surge in OI suggests heightened interest but also exposes the market to volatility. Traders should stay cautious during these uncertain times.

What are your thoughts on Dogecoin’s dip and Bitcoin’s pullback? Let’s discuss in the comments! 💬👇

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