DOGE Bleeds Heavily: A Review of the Current Market Situation
TL;DR
- Large holders offloaded 270 million DOGE ($70M) in the last 24 hours, increasing supply and potentially signaling further declines if demand doesn’t keep up.
- However, some analysts predict a possible recovery based on DOGE’s historical patterns.
DOGE Bleeds Heavily
Donald Trump’s recent actions have seemingly had a crushing effect on the cryptocurrency sector. Recall that the US president imposed hefty tariffs on China, Canada, and Mexico, followed by a brutal correction for most leading digital assets. The OG meme coin – Dogecoin (DOGE) – was among the worst affected, with its price falling to as low as $0.21 (per CoinGecko’s data). As of this writing, it trades at approximately $0.25, a 16% daily decrease.
DOGE Price
The popular analyst Ali Martinez revealed on X that whales have sold 270 million DOGE (worth almost $70 million at current rates) in the last 24 hours. Actions of that type increase the circulating supply of the asset, meaning the price could head south (assuming demand doesn’t catch up the pace). Additionally, smaller players might interpret this as a worrying sign and join the sell-off.
DOGE Price Predictions
Despite the crash, multiple market observers remain optimistic that the meme coin could return to the green track soon. One example is the X user Trader Tardigrade, who envisioned a major resurgence based on the asset’s historical performance.
Macro Chart Analysis
"In the 2016 pullback, DOGE retraced 59.76%, followed by a +9,221% bull run. In the 2020 pullback, DOGE retraced 56.2%, followed by a +30,693% bull run. When in doubt, check the macro chart," the analyst said.
KALEO and Crypto Tony chipped in, too. The former described the current price level as "a solid entry and practically free compared to where we’ll see it a few months from now." Crypto Tony claimed they are waiting for a potential push to $0.34 so they can hop on the bandwagon as an investor.
Conclusion
In conclusion, the current market situation for DOGE is bleak, with large holders offloading their holdings and the price plummeting. However, some analysts remain optimistic about the asset’s potential for a comeback, citing its historical patterns. As the market continues to evolve, it will be crucial to keep a close eye on DOGE’s price movements and any potential trends that may emerge.
FAQs
Q: What is the current price of DOGE?
A: As of this writing, DOGE trades at approximately $0.25.
Q: What is the reason for DOGE’s decline?
A: The decline is attributed to large holders offloading their holdings and the recent correction in the cryptocurrency market.
Q: Are there any analysts who remain optimistic about DOGE’s future?
A: Yes, some analysts, such as Trader Tardigrade, remain optimistic about the asset’s potential for a comeback, citing its historical patterns.
Q: What is the current supply of DOGE?
A: The current supply of DOGE is increased due to the recent offloading of 270 million DOGE by large holders.
