Dogecoin has experienced a significant decline, dropping 27% from its monthly high to trade near $0.18. This downturn comes as long-term holders begin to sell off their positions, with on-chain data revealing a 36% shift in holder sentiment and an outflow of 22 million DOGE in a single day. Technical indicators, such as a bearish crossover of exponential moving averages (EMAs), point to potential further declines, with key support at $0.17 under threat.