Dogecoin (DOGE) has loved additional consideration from buyers, particularly since Donald Trump took workplace and put Elon Musk in command of D.O.G.E. — an acronym for Division of Authorities Effectivity. Nevertheless, this fascinating relationship just isn’t notably mirrored within the worth of the meme token.
In actual fact, the meme coin market has been reeling from the liquidity-gulping impact of the TRUMP token and different political tokens that adopted its launch. In accordance with knowledge from CoinGecko, the meme market cap stands at round $93.5 billion, reflecting an nearly 10% decline previously day.
Is A 35% Decline On The Horizon For DOGE?
In a current put up on the X platform, outstanding crypto analyst Ali Martinez revealed that two of the most important meme tokens, Dogecoin and Pepe, are exhibiting a excessive diploma of correlation. The crypto pundit famous that the Dogecoin worth seems to be mirroring the worth of PEPE.
It’s not uncommon for 2 tokens to comply with an identical worth trajectory, particularly in the event that they fall into the identical market class (as seen with Dogecoin and Pepe). Whereas there isn’t a assure that the DOGE worth is mirroring PEPE’s worth, this seeming correlation may present perception into the long run trajectory of the previous.
In accordance with Martinez, a deep correction may very well be on the playing cards for the worth of Dogecoin whether it is really following PEPE. This bearish forecast relies on the breach of a key assist degree round $0.000017 by the Pepe worth in the direction of the top of February.
The worth of PEPE witnessed a pointy decline to round $0.000011 (an over 35% drop) after breaking this significant assist. This assist zone lies across the $0.31 mark on the Dogecoin chart and has supplied a cushion for the DOGE worth a number of instances previously.
Nevertheless, Dogecoin may see its worth fall to across the $0.2 mark if an identical worth sample performs out on its four-hour chart. With no main assist round this space to cushion this downturn, the DOGE worth may probably undergo a fair worse decline.
Dogecoin Worth Overview
As of this writing, the worth of DOGE stands at round $0.305, reflecting an over 3% fall within the final 24 hours. This single-day efficiency emphasizes the meme coin’s struggles in current weeks, with practically a 12% decline previously seven days.
After reaching an area excessive of $0.46 in early December, the worth of Dogecoin witnessed a downturn to round $0.26 in lower than three weeks. Nevertheless, the meme token has been transferring largely sideways, hovering across the $0.35 area.
