Dogecoin (DOGE) is trading near the $0.17000 level on Wednesday after tumbling 5% on Tuesday. Now entering its third straight week of losses, DOGE looks vulnerable to further declines as on-chain metrics show older coins moving back into circulation—a classic sign of profit-taking. Meanwhile, derivatives data point to continued outflows from DOGE futures, reflecting a broader risk-off mood among traders.
Investor sentiment toward Dogecoin sours as long-held supply liquidates
As the largest meme token by market cap, Dogecoin is seeing confidence wane as coins held for more than a year are spent. According to Santiment, the Mean Coin Age for tokens aged 365–730 days has fallen to 375 days from 404 days on November 2. This drop signals that long-dormant coins are being transferred out of old wallets and sold.
Further evidence comes from the Spent Coins Age Band (365–730 days), which tracks daily spending by this cohort. In November, outflows have surged, peaking at 693.07 million DOGE on Monday—its biggest single-day transfer since the 2.56 billion moved on May 9.
Dogecoin’s Spent Coin Age and Mean Coin Age (Source: Santiment)
Renewed spending of long-dormant coins has driven down the average age of DOGE held—an early warning, like a canary in a coal mine, that a correction may be on the horizon.
At the same time, retail appetite for Dogecoin is fading. CoinGlass data shows futures open interest (OI) slipping from $1.48 billion on Tuesday to $1.43 billion, indicating fewer outstanding long positions and a clear shift toward risk-off sentiment.
Dogecoin Failed to Break Higher, Now Faces Risk of a Deeper Slide
Dogecoin couldn’t clear the supply zone around the $0.18527 October-11 close and plunged 5% on Tuesday. As of Wednesday, DOGE is struggling to stay above $0.17000, with sellers setting their sights on the June-27 low at $0.15704. If that support cracks, the correction could deepen toward $0.12896—the April-7 trough.
Technical indicators add to the bearish warning. The daily RSI has fallen back to about 40 after reversing from its midline, signaling renewed selling momentum. Meanwhile, the MACD is converging on its signal line and looks poised to trigger a bearish crossover, which would confirm the shift back in favor of the bears.
DOGE/USDT – Daily Chart
If DOGE manages to climb above $0.18527, it could resume its rebound toward the 50-day EMA, currently around $0.19914.
