Dogecoin declined roughly 1.7%–2% slipping to an intraday low near $0.1233 as a wave of liquidations hit meme coins. The move reflected concentrated long-liquidations and reduced appetite among larger holders, intensifying downward momentum.
Data from the session pointed to a dramatic liquidation imbalance—reported at 2,563% during one drawdown—while DOGE traded around $0.12456 after a seven-day slide of about 11.17%. Santiment-style on‑chain metrics and exchange flow data indicated medium-sized whales (10 million–100 million DOGE) have been trimming positions since late October, and the largest holders (>1 billion DOGE) began reducing exposure in mid‑January.
That rotation out of the asset coincided with muted exchange-traded fund inflows in early 2026, removing a potential source of buying support.
Dogecoin trading volume spiked during the U.S. session to roughly 556 million tokens—about 124% above the 24‑hour average—helping push price through the $0.1254 support level to a session low of $0.1233. The liquidation cascade left short-term sentiment fragile across the meme-coin complex.
Market data shows total liquidations topped $1.64 million during the move, with an outsized 84.15% occurring on long positions—an imbalance that amplified selling pressure and drove volume well above recent averages.
Technical picture and critical price levels
Technically, DOGE has been trading inside a descending channel on the 4‑hour chart and registered the first 4‑hour ‘death cross’ of 2026, a signal consistent with growing bearish momentum. Momentum indicators were weak on higher timeframes while shorter-term oscillators showed oversold readings—an arrangement that often leads to choppy consolidation rather than immediate reversal.
The report described the market as operating in a “sell-the-rally” environment, where attempted recoveries were met by renewed selling pressure as short-side liquidity and resistance capped gains.
What this means for traders and investors: reclaiming and holding above the $0.126+ area appears necessary to shift short-term control back toward buyers. If that level remains out of reach, market participants should expect continued choppy action and watch whale flows and ETF activity for any change in demand dynamics.
Investors will closely monitor whether buying interest can re-emerge at the $0.12 floor or whether continued liquidation will push the token toward lower support bands.
