I just saw that Dogecoin futures flows plummeted 3,030% in the last 12 hours. The market is quite tense right now, with traders closing positions and adopting a very defensive stance. According to CoinGlass, futures outflows reached $234 million while inflows were just $222 million.

The thing is, Doge has been falling nonstop for three days. On March 19, Elon Musk posted that AI-generated video where his avatar appeared holding a Shiba Inu ( the same one that inspired the Dogecoin logo ) reciting lines from The Godfather, but that didn’t even stop the decline. Dogecoin dropped to $0.091, and although it’s now at $0.09, it remains under weekly pressure.

All derivatives numbers are red. Open interest fell 5.9% to $1.02 billion, volume collapsed 28% to $1.74 billion. Clearly, traders are hedging, reducing their exposure. The Federal Reserve kept its rates unchanged on Wednesday, which doesn’t do much to boost market sentiment. For now, Dogecoin is moving without a clear direction, caught between selling pressure and the lack of strong catalysts.