Dogecoin (DOGE) Struggles as Whales Exit and Short Interest Soars

Dogecoin (DOGE) continues to face pressure as large holders offload their tokens and short interest climbs. The cryptocurrency has been under net selling pressure for three consecutive days, with sales outpacing purchases by approximately $21 million since August 28.

According to Santiment tracking data, addresses containing between 1 million and 100 million DOGE have liquidated roughly 260 million tokens starting August 21. Meanwhile, smaller whale addresses holding 100,000-1 million tokens picked up approximately 10 million DOGE during the identical timeframe.

Futures open interest has contracted from $1.58 billion to $1.27 billion as long positions get unwound. The aggregate long/short ratio registered 0.87 on August 31, indicating a higher concentration of bearish positions compared to bullish ones.

Despite this bearish landscape, Dogecoin ETF products have attracted fresh capital since August 17, accumulating $800,000 in net inflows and bringing total net assets to $12.33 million.