Dogecoin Breaches Key $0.13 Support as BitMEX Exchange Sees 53,000% Surge in Futures Volume

Dogecoin (DOGE) tumbled below the psychologically critical $0.13 level during Wednesday's session, triggering a cascade of spot selling that reverberated through derivatives markets. The memecoin's 2.3% decline to $0.1292 coincided with a staggering 53,000% surge in futures volume on BitMEX, reaching $260 million as traders positioned for heightened volatility.

The breakdown accelerated during U.S. trading hours, with spot volume spiking to 639 million coins at one point—double the session average. Market structure now shows a descending trend below short-term moving averages, with the failed defense of $0.13 converting former support into resistance. Technical deterioration was confirmed when sellers breached interim supports at $0.1295 and $0.1292 in early European hours.

This price action reflects broader pressure on meme assets, with DOGE's performance serving as a bellwether for speculative crypto sectors. The derivatives market reaction suggests professional traders anticipate continued turbulence, though a reclaim of $0.13 could spark a short-covering rally.