On April 20th, due to the failure of Space Exploration Technology's warship rocket test launch and the sluggish broader cryptocurrency market, Dogcoin (also known as "Dogcoin") suffered a severe blow

The space exploration technology company's rocket has a dog coin mascot design on the side, which disintegrates after being sent for four minutes. Even so, company employees, including Elon Elon Musk, continued to applaud this unsuccessful test, as they were optimistic about another test in the coming months.

This behavior was made after Elon Musk's recent stunt flight, where he temporarily changed the Twitter logo to a dog coin mascot design.

This release in the Gougou Coin community caused a great shock. Dogecoin Street's graphic design master DogeDesigner anxiously posted news about rocket launch on Twitter.

However, Dogeday seems to have become a hot selling news topic, with the DOGE/USD pair falling 11.88% from the day's high of $0.093 to $0.083.

The interest rate on the outstanding loans of DOE is still rising

According to statistics from Coinglas, although the price has declined, the open position contract volume of Dogdog Coin stock index futures contracts is still higher than the $470 million in January 2023. OI trading volume means the total number of trading positions in the futures trading market that are not subject to mandatory closing.

On April 4th, after Twitter changed its logo to Shiba Inu, the OI trading volume of Dogcoin surged to its highest value of $580 million this year, representing the dog breed used to represent Dogcoin.

After the logo change, the DOGE/USD pair showed significant fluctuations, increasing by over 21% on April 4th, reaching a new annual high of $0.10. However, after the social media platform repaired its original Nissan Bluebird logo, prices and IO volume significantly decreased. The logo change only takes effect from April 4th to April 7th.

A report by Kaiko, a digital currency analysis company, shows that:

Since Elon Elon Musk took over Twitter last year, DOE's published interests have roughly doubled, indicating strong capital inflows

After a wave of settlement, the OI trading volume of stock index futures contracts decreased to $460 million. However, OI's trading volume rebounded to 533 million US dollars, causing excitement closely surrounding the rocket launch.

Although the decline in the price of DOGE resulted in a large settlement of approximately $104 million, the OI trading volume was higher than the highest point in January 2023, indicating that the coin may have experienced more fluctuations firsthand.

The long short ratio of the futures market shows a greater emphasis on short order information, which is also a further upward data signal.

In addition, since its decline, the financing interest rate of permanent swap contracts has become positive, which increases the probability of long-term tightening causing further decline in economic development.

DOGE Price Analysis

The supply of detailed DOGE dolphin addresses has surged throughout the market, with over $10 million DOGE addresses rapidly accumulating. However, this dolphin immediately sold their puppy after Twitter swapped its logo back.

This detailed address duplicates the continuous accumulation around Dogeday, which was widely sold during the decline of Dogeday.

The US dollar has broken through the parallel development trend of a bull market against the US dollar, causing anxiety about further downside risks.

Regarding: Will Dogcoin log in to Twitter? Watch market analysis report

Based on the scale of parallel channel operation, DOGE/USD is expected to decrease by 15% from the current level of 0.083 US dollars. A decrease less than this magnitude will be in line with the support line of around $0.072 for the DOGE.

The launch failure of Space Exploration Technology's battleship rocket on Dogeday, coupled with the decline in Bitcoin prices, has led to a severe blow to the price of DOGE.

Despite this setback, the open annual interest rate of Dog Coin stock index futures contracts is still rising, indicating strong capital inflows. However, the recent decline in prices and the increase in sales of DOGE dolphins indicate further downward pressure, with DOGE/USD falling below its upward support point.