The recent trend of Dogecoin (DOGE) has attracted widespread attention in the market. The abnormal movement of 400 million DOGE funds flowing into the Binance exchange suggests that market confidence is weakening across the board. XBIT said that the current DOGE price had fallen back to the support level of $0.17 a month ago, down 31% from the high point in May. This key position may become the focus of fierce competition between bulls and bears.

TWITTER : @XBITDEX

   According to the data from Bijie.com, 30% of DOGE addresses are currently in a loss state, with the purchase price above $0.18. Since DOGE fell below the $0.20 support level, the phenomenon of holders' capitulation has become more and more obvious, with actual losses exceeding $800 million in the past three days alone. XBIT (DEX Exchange) analysts said, This loss situation echoes DOGE's fall to a low of $0.1680, indicating that selling pressure is continuing to increase.
 It is worth noting that the sell-off mainly came from short-term and medium-term holders. When DOGE tested the $0.25 resistance level, the NUPL (unrealized profit/loss indicator) of short-term holders turned negative, indicating that this group has entered a full capitulation stage. This selling behavior not only exacerbated the downward pressure, but also forced DOGE to fall below the key $0.20 support level, further weakening market confidence.
   The abnormal phenomenon of 400 million DOGE flowing into the Binance exchange has strengthened the market's speculation that short-term holders are ready to sell. Consistent with Dogecoin's typical "buy low, sell high" speculative behavior, these short-term holders continue to enter and exit the market during price fluctuations, limiting DOGE's upside and dragging it into a familiar speculative cycle again. XBIT (DEX Exchange) analysts believe that this behavior has caused a large number of addresses to fall into a loss-making state, further exacerbating market instability.

TWITTER : @XBITDEX

   According to the data from Bijie.com, the share of DOGE supply with a holding period of 3-6 months soared from 10% in March to 15.53% at the peak of the rebound, and then began to reduce holdings. This change shows that the DOGE market is facing increasing distribution pressure as short-term holders lock in profits or exit when they are close to break-even. Unless DOGE can get rid of the current speculative bubble, it will still be difficult to break through the $0.25 resistance level.

   The current DOGE price is hovering around the $0.17 support level, and this key position may become the focus of fierce competition between bulls and bears. The continued selling and lack of confidence of short-term holders have put this support level to a severe test. XBIT (DEX Exchange) analysts believe that if DOGE cannot stabilize and attract new buying power as soon as possible, the possibility of falling below the $0.17 support level is increasing.

   In the longer term, the DOGE market needs to solve its inherent speculative attribute problem in order to achieve more stable development. Otherwise, the market will continue to be trapped in a cycle of "surge and plunge" and it will be difficult to attract real value investors. The current market conditions remind investors that the cryptocurrency market is volatile and that they need to carefully assess risks and avoid blindly chasing highs or panic selling.

TWITTER : @XBITDEX

   XBIT (DEX Exchange) provides investors with a more flexible trading environment with its permissionless and censorship-resistant features. When centralized exchanges are facing selling pressure, XBIT's liquidity pool and automated market maker (AMM) mechanism can help investors execute transactions more efficiently, reduce slippage risks, and avoid possible fund freezes or withdrawal delays in centralized exchanges.