Dogecoin is struggling to hold ground. The memecoin has fallen to $0.08903 , losing 5.5% as geopolitical tensions rattled broader crypto markets following Israel's military strike on Iran. The price decline marks three consecutive sessions of lower lows, wiping out recent gains and confirming a sustained bearish structure. DOGE initially rejected the $0.106 resistance before sellers took control. The coin then broke below its 20-day exponential moving average (EMA20) at $0.098, a level that typically acts as near-term support. Once that floor gave way, momentum shifted decisively to the downside, pushing the price toward $0.088. On-Chain Activity Collapses, Demand Dries Up The price decline is not isolated from network fundamentals. On-chain data from Santiment reveals a sharp contraction in user engagement. DOGE's Price DAA Divergence has dropped to a two-month low of -46%, signaling that network demand is failing to keep pace with price expectations. Daily Active Addresses tell the same story. The figure has collapsed 78.34%, from 87,700 in February to just 19,000 at the time of writing. That is a significant withdrawal of participation. When fewer wallets interact with a network, organic demand weakens. For a memecoin that depends heavily on community momentum and retail enthusiasm, this kind of disengagement is a serious structural problem. Many traders appear to have either closed their positions entirely or moved to the sidelines. Without a fresh wave of buyers, DOGE lacks the fuel required to sustain any meaningful recovery. The data points to a market where conviction is low, and risk appetite has dried up. Futures and Spot Markets Reflect Aggressive Selling Selling pressure has not been limited to spot markets. Across futures, DOGE recorded $736 million in outflows against $659 million in inflows. That imbalance sent Futures Netflow plunging by 418%, to -$77.39 million. The scale of the outflow reflects a market where participants are actively reducing exposure rather than betting on a rebound. The sharp drop below $0.09 triggered a wave of liquidations. Long positions took a $6.5 million hit, with $3.3 million of that in the past 4 hours alone. Forced liquidations of this magnitude tend to accelerate downward moves, as cascading sell orders push prices further below key levels. Spot markets reinforced the bearish picture. Sell volume reached 976.75 million DOGE versus 928 million in buy volume, producing a negative Buy Delta of -48 million. Sellers are dominant across every segment of the market, futures, spot, and derivatives, a combination that historically deepens downside pressure and extends bearish trends.
