Cryptocurrency Market Declines as Memecoins Struggle

The cryptocurrency market has experienced a downturn after a strong showing on Sunday. Bitcoin and Ether have seen their values drop below key support levels, while memecoins, led by Dogecoin, are also experiencing losses.

Dogecoin's price has erased its 3% gains from the previous day and is now at risk of dropping below the $0.10 level. However, retail interest in the leverage market remains strong, with a surge in futures Open Interest (OI) indicating a rise in active positions.

The OI-based funding rates for Dogecoin are currently positive, reflecting a bullish bias among traders. This could lead to a long squeeze if the trend continues.