Dogecoin Drops 11.719% Amid Mixed Market Sentiment
2min read Dogecoin's latest price was $0.1492, down 11.719% in the last 24 hours. Dogecoin continues to benefit from its strong community, meme-driven hype, and potential payment utility. Elon Musk’s continued endorsement and speculation around integration with X (formerly Twitter) drive speculative demand. While lacking native smart contract capabilities, Dogecoin’s low transaction fees and network simplicity make it attractive for micro-transactions.
In Q1 2025, Dogecoin’s on-chain activity showed moderate growth. Whale accumulation has been noted, with larger wallets increasing exposure during dips—indicating long-term bullish sentiment. Recent data indicates an overwhelming bullish sentiment among traders in the Dogecoin futures market. For instance, the Long/Short Ratio for Dogecoin reached an impressive 2.75, demonstrating that a substantial majority of traders favor long positions. This trend was most pronounced on April 5, when long positions soared to 73.33%. Comparatively, shorts have seen a significant decline, reflecting heightened expectations for price increases.
A notable shift was observed earlier in April, when the percentage of long positions peaked at 80.23%. This shift in sentiment corresponds with a reduction in short positions, emphasizing traders’ faith in future price appreciation. However, as of April 6, long positions have decreased to 77.98%, indicating a slight cooling in trader enthusiasm, although confidence remains high overall. Earlier data sets show an even stronger sentiment. For instance, on the 3rd of April, long positions surged to 80.23%, with a Long/Short Ratio of 4.06. Meanwhile, short accounts fell sharply to just 19.77%. By the 6th of April, long interest had decreased slightly, but still accounted for 77.98% of open positions.
Ask Aime: What causes Dogecoin's price fluctuations?
Data from Binance Futures’ Long/Short Ratio between the 30th of March and the 6th of April reveals a stark shift in sentiment. Of course, the futures book leaned long at the start, but by April, short positions crept up to 52.66%, while long interest dipped to 47.34%, pulling the Long/Short Ratio down to 0.899—its lowest reading of that week. Moreover, this divergence grows clearer when spot price and liquidation figures come into play. Between February and April, Dogecoin’s price sank nearly 32%, sliding from $0.248 to $0.169, as aggregated spot data shows. On top of that, volume imploded from 7.18 billion tokens traded to just 353 million. This staggering 95% plunge hinted at waning conviction in the spot market.
More revealing is the decline in whale activity. On the 21st of January, when DOGE hovered near $0.42, there were 466 transactions over $100,000. By the 5th of April, that figure plummeted to just 19, even as price held around $0.169. Of course, such a steep fall in large trades strongly implies that institutions or high-net-worth participants have been offloading. Or simply avoiding DOGE amid receding prices. Moreover, on-chain data projects caution. Dogecoin metrics suggest network health is also deteriorating. Daily Active Addresses (DAA) peaked at 81,861 on the 11th of March. By the 5th of April, that number slid to 63,736, a 22% drop. Interestingly, strong Daily Active Addresses (DAA) did not always align with price increases. In early April, despite futures traders showing a strong preference for long positions, other indicators painted a different picture. Whale transactions decreased, spot volumes declined, and network activity weakened. This reveals a gap between short-term speculative excitement and broader market hesitation.
Moreover, while bullish sentiment temporarily boosted optimism among DOGE traders, the advantage remains fragile. Spot market and on-chain data highlight waning interest, lower participation from key stakeholders, and ongoing price declines. The data depicts a market in conflict. Brief euphoria in futures trading contrasts sharply with a longer-term cautious outlook. 
