Dogecoin (DOGE) funding rates turned negative, hinting at a bearish market sentiment alongside a 12% price drop in a week erasing gains since March.
Dogecoin (DOGE) open interest dropped from $800 million to $611 million in a week, signaling reduced demand, with meme tokens across the sector facing losses up to 40% as traders shift to safer assets like bitcoin and stablecoins.
Analysts warn of the volatile nature of meme tokens like DOGE, with Neil Roarty from Stocklytics suggesting a pause on any 'memecoin summer' plans due to their tendency to lose more value than Bitcoin during market dips.
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