Dogecoin falls 2.48% to $0.082 as selling pressure persists

  • Dogecoin declined 2.48% to $0.082 on August 31.
  • Large holders sold approximately 260 million DOGE beginning August 21.
  • DOGE ETF assets reached $12.33 million after $800,000 of inflows since August 17.

Dogecoin declined 2.48% to $0.082 on August 31, extending net selling pressure to three consecutive days and taking its weekly loss above 12%. Addresses holding 1 million to 100 million DOGE sold roughly 260 million tokens from August 21, while wallets with 100,000 to 1 million tokens bought about 10 million. Futures open interest fell from $1.58 billion to $1.27 billion as leveraged long positions were unwound; long liquidations reached $5.96 million versus $833,000 for shorts. The aggregate long/short ratio was 0.87, while futures volume rose 99% to $1.34 billion. Technical analyst Trader Tardigrade said Dogecoin formed a Hanging Man pattern at resistance on a monthly inverted chart, identifying it as the third occurrence of the setup and placing a downside target at $0.07. DOGE exchange-traded funds attracted $800,000 over two weeks from August 17, reversing July's $525,000 in net outflows and lifting total net assets to $12.33 million, or 0.09% of Dogecoin's $12.87 billion market capitalization. DOGE funding rates turned positive at 0.0010% on Monday. The token is consolidating in a descending triangle, with support at $0.082 and resistance at $0.088, $0.093 and $0.102. A break below support could open a move toward August's $0.069 low.

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