Dogecoin's Price Action Under Pressure as Key Averages Weigh

Dogecoin has been trading under pressure, experiencing an 8.64% drop on the day to $0.08329.

The coin is currently below its key moving averages, indicating ongoing negative momentum within the session.

This comes as Dogecoin was recently bridged to the Solana blockchain via the Sunrise protocol, opening up new cross-chain capabilities and enabling holders to interact with Solana's DeFi ecosystem.

The integration has driven active flows amidst pressure, with DOGE whale wallets reaching an all-time high of 108.52 billion DOGE and derivatives open interest hitting a record 16.38 billion DOGE.