The Dogecoin (DOGE) price has extended its sell-off in what might become a straight ride toward “max pain” for the top meme coin. The negative drawdown in the DOGE ecosystem is further validated with the crash in the futures market, as well as daily trading volume.
Dogecoin open interest falls
According to data from CoinGlass, Dogecoin open interest is down by over 7% in the past 24 hours. Per the data, a total of 11,110,000,000 Dogecoin has been committed to the futures market with a combined value of over $1.02 billion.
Dogecoin is highly connected to volatile conditions, accounting for the visible impact on the wide liquidity crunch it often experiences. The derivatives market around DOGE recorded a significant, but widely varied, shift on Binance and Bybit exchanges.
While Binance saw a dip in open interest, with 2 billion of the 11 billion committed by traders, Bybit saw a 4% jump. However, this uptick was not enough to offset the overall outlook, as Bybit controls only about 8% of the market.
DOGE open interest remains a widely watched metric on the market, as a boost might signal current trader sentiment. As it stands, the digital currency is trading at its lowest level year to date, with no signs of easing up.
Dogecoin ETF makes no difference
In actual terms, the meme coin’s price was changing hands at $0.0922, down by 4.17% in 24 hours. The performance on multiple time frames does not hint at a near-term positive outlook, as 30-day growth has fallen by over 24%.
Amid the push to find a price bottom, the impact of the Dogecoin ETF products in circulation comes into view. Despite the hype the products generated at launch, it has raised less than $10 million in institutional capital since inception.
Other notable fundamentals that can help Dogecoin recover are lacking. By implication, the DOGE price is now entirely reliant on its correlation with Bitcoin. That is, if the projected Bitcoin rebound is achieved, Dogecoin may see a corresponding positive ripple effect.
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