Dogecoin Tumbles to 4-Month Low Amid Fading Social Dominance

Dogecoin (DOGE) continues to face significant selling pressure, trading below $0.071 on Tuesday after falling over 4% in the previous day.

The meme coin's social dominance has been fading, with Santiment's Social Dominance metric reading 0.06% on Tuesday, indicating a bearish outlook among investors.

Derivatives metrics also show weakening conditions, with CoinGlass' long-to-short ratio for DOGE at 0.74 on Tuesday, nearing its lowest levels in over a month and signaling bearish sentiment.

The funding rates have flipped negative, reading -0.0015% on Tuesday, indicating that shorts are paying longs and further confirming bearish sentiment.