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Crypto

Dogecoin Sell-Off Continues Amid Heavy Selling Pressure

Guavy AI Editorial Team
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DOGE DOG
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Dogecoin (DOGE) is facing intense selling pressure, trading below $0.0700 and having shed 3% of its value in the first week of August.

The meme coin's price has been impacted by a backdrop of heavier selling pressure since May highs around $0.1186.

However, the Dogecoin derivatives market has seen a surge in perpetual futures Open Interest (OI) to 16.36 billion DOGE on Thursday, from 15.45 billion DOGE the previous day.

This uptick in OI can provide price stability and support a potential recovery for DOGE.

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