DOGE The price of Dogecoin (DOGE) showed weakness today (April 10), which may go against the general trend of the market. A ripple effect in the cryptocurrency market could drag DOGE into a downward spiral.

Coinglass on-chain data shows that DOGE derivatives trading volume decreased significantly by 5.04% to US$3.97 billion, and open positions also decreased by 1.44% to US$1.66 billion. This trend may suggest a significant decrease in market activity.

The OI weighted financing rate remains in a downward channel at 0.0347%, further indicating that investor interest in DOGE is waning. Continued price declines may add to the overall bearish sentiment in the market.

In the past 24 hours, a total of 58,052 traders were liquidated, with a total liquidation of US$195.92 million, of which DOGE liquidation accounted for US$5.36 million. Long positions stand at $3.01 million and short positions stand at $2.34 million, indicating the prevailing bearish sentiment in the market.

According to Whale Alert data, up to 245 million DOGE were transferred from unknown addresses to the US exchange Robinhood today. This move could exacerbate the bearish trend on DOGE, suggesting that large investors (whales) are losing confidence in the token and increase the supply of the token on exchanges.

Although blockchain trackers show accumulation in DOGE, the market’s sharp decline has highlighted the bearish trend of the DOGE wave. This trend appears to be affecting the market's accumulation process.

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