Dogecoin Logs 96% Higher Losses Than Gains In 24 Hours

Dogecoin has experienced significant losses in the past 24 hours, emerging as the biggest loser among top cryptocurrencies. According to Glassnode data, Dogecoin ($DOGE) logged $132 million in realized losses, with only $5 million in realized profits. This imbalance makes it the only top 10 cryptocurrency to record significantly higher losses than gains. In contrast, Bitcoin ($BTC) posted $1.3 billion in realized profits and only $33 million in losses, meaning just 2.5% of profits were offset. Ethereum ($ETH) showed a more balanced figure, with $35.2 million in profits against $18.4 million in losses. This means Ethereum’s realized losses equaled around 52% of its profits, still much better than Dogecoin’s position.

Glassnode’s Profit & Loss dashboard places Bitcoin in the “Belief/Denial” phase, suggesting investor confidence remains strong. Ethereum, XRP, and Tron are in the “Optimism/Anxiety” zone, while Dogecoin lingers in the “Hope/Fear” range, indicating market hesitation and uncertainty. This suggests that while Bitcoin and Ethereum are showing strong investor confidence and holding strength, Dogecoin is facing weak market sentiment indicators.

Dogecoin is currently trading at $0.1652, showing a minor 1.19% decline in the past 24 hours. Market data suggests a short-term support level is forming near $0.163, where buyers have previously entered. Resistance is likely near $0.177, a level that has capped recent rallies. The price trend remains range-bound, with no clear breakout direction. DOGE can either break above the $0.177 resistance or fall below the $0.163 support. Until a decisive move happens, the coin is expected to continue trading sideways. With sentiment still in the “Hope/Fear” phase, Dogecoin may continue to underperform unless broader market dynamics shift in its favor.

In summary, Dogecoin has experienced significant losses in the past 24 hours, with $132 million in realized losses and only $5 million in realized profits. This makes it the only top 10 cryptocurrency to record significantly higher losses than gains. In contrast, Bitcoin and Ethereum have shown strong investor confidence and holding strength, with Bitcoin posting $1.3 billion in realized profits and only $33 million in losses, and Ethereum showing a more balanced figure with $35.2 million in profits against $18.4 million in losses. Dogecoin’s weak market sentiment indicators and range-bound price trend suggest that it may continue to underperform unless broader market dynamics shift in its favor.