🚀🐕Dogecoin's funding rates are turning negative, hinting at a bearish mood in the meme coin sector! DOGE has lost 12% over the past week, wiping out all gains since March. Open interest in DOGE futures has also dropped from nearly $800M to $611M, indicating a decrease in demand.

Meme coins are taking a hit, with some recording losses of up to 40% over a week. As Bitcoin's price falls, meme coins tend to lose even more value, says Neil Roarty of Stocklytics.

DOGE futures traders had their worst day since May 2021, with $60M in longs liquidated. This comes as Bitcoin prices suffer amid $2B in sales from large holders, ETF outflows, and dollar strength.

What's your take on this? Are we seeing a shift away from riskier tokens to Bitcoin and stablecoins? Share your thoughts below! #crypto #dogecoin #bitcoin