Dogecoin (DOGE) has loved additional consideration from buyers, particularly since Donald Trump took workplace and put Elon Musk answerable for D.O.G.E. — an acronym for Division of Authorities Effectivity. Nevertheless, this fascinating relationship isn’t notably mirrored within the worth of the meme token.
The truth is, the meme coin market has been reeling from the liquidity-gulping impact of the TRUMP token and different political tokens that adopted its launch. Based on information 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 submit on the X platform, distinguished crypto analyst Ali Martinez revealed that two of the largest 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 value of PEPE.
It isn’t 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 is no such thing as a assure that the DOGE worth is mirroring PEPE’s worth, this seeming correlation may present perception into the longer term trajectory of the previous.
Based on Martinez, a deep correction might be on the playing cards for the value of Dogecoin whether it is actually following PEPE. This bearish forecast relies on the breach of a key assist stage 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 important 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 occasions 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 endure a fair worse decline.
Dogecoin Worth Overview
As of this writing, the value 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 a neighborhood excessive of $0.46 in early December, the value of Dogecoin witnessed a downturn to round $0.26 in lower than three weeks. Nevertheless, the meme token has been shifting largely sideways, hovering across the $0.35 area.
