The Dogecoin price is fighting to hold the psychological $0.20 support as large investors continue offloading holdings and leveraged traders exit the market. The Dogecoin price briefly traded above $0.21 earlier this week, but has since slipped by more than 2%, highlighting the mounting selling pressure in the market.
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According to on-chain data, whales have sold over 500 million DOGE tokens in the past week, fueling fears of further downside. The selloff coincides with a sharp 61% drop in futures open interest, plunging from $5.03 billion to $1.95 billion, signaling widespread position liquidations and trader fatigue.
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