Dogecoin (DOGE) has just experienced a 'terrifying plummet' — the price has plummeted by 12% within 24 hours, directly breaking below the 0.14 mark. Traders are in a rush to 'emergency escape', and the price predictions for Dogecoin have been completely overturned, with the originally optimistic expectations suddenly replaced by panic.
The signal of 'diminished heat' is at its peak: futures positions have hit a year and a half low.
More concerning than the price collapse is the solid signal of 'diminishing heat': the open interest for Dogecoin futures has dropped to its lowest level since April 2025, and the once-popular 'meme coin' is now visibly 'cooling down'.
The data is even more shocking—the current open interest is only 1.4 billion USD, a direct 'cut' of 77% from the peak of 6 billion USD on September 13, a decline that can only be described as brutal.
The intensity of this wave of selling far exceeds the recent market situation: since the beginning of the year, Dogecoin has accumulated a decline of 56%, with a drop of 14.5% just in the past week. The abnormal increase in trading volume adds to the anxiety—24-hour trading volume soared by 65%, currently accounting for 17% of the circulating market value, but this capital is not coming in to 'buy the dip'; instead, it has become a 'force' accelerating the decline, and market sentiment is on the brink of collapse.
The critical defense line is in jeopardy: another drop below 0.13 or a revisit to 0.08 cents.
From the daily chart, Dogecoin is standing at the 'crossroads of life and death'—the price has already fallen to a critical trendline support level, which has successfully blocked large-scale sell-offs twice this year, truly a 'lifeline'. But now, the pressure on this defense line is unprecedentedly high.
If the 0.13 support level is broken again, Dogecoin's decline may completely 'lose speed', with the next target pointing directly to 0.08—this means a further drop of 38.5% from the current price level, which is equivalent to 'adding insult to injury'. For holders, the next trend is crucial; one misstep could lead to greater losses.
Is panic peaking? History may hold the 'reversal code'.
However, the signal of 'prosperity following adversity' is also subtly emerging. The fear and greed index, which measures market sentiment, just fell to 11, setting a new low for the year—history is always surprisingly similar, the last time this index dropped to this range, Dogecoin quickly hit the bottom and rebounded, first slowly rising to 0.23, and then, with momentum, surged to 0.27, completing a 'counterattack'.
Although the data from this decline looks heavier, panic often welcomes a turning point when it reaches its peak. As the market digests the sharp drop and potential positive narratives brew, public opinion may switch directions at any moment.
For investors, there is no need to blindly panic and cut losses, nor is it advisable to rush to buy the dip—focus on the performance of the 0.13 support level, waiting for a clear signal to stop the decline is the more prudent choice. After all, in the crypto market, 'patience' is often more valuable than 'impulsiveness'.
