Dogecoin’s Crash: Is It Time to Panic or Just Hype? 🐕💸

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TL;DR:

  • Dogecoin‘s price continues to spiral down, hitting a low not seen in over a month. Oops.
  • Popular analyst warns that things could get even worse for the meme coin. Because, why not?

So, apparently, the world’s favourite dog-inspired cryptocurrency isn’t having the best time. It’s been a bit of a doggone disaster lately, with prices tumbling like someone just realized their favorite meme coin doesn’t pay rent.

The chaos kicked off when, surprise surprise, the cryptocurrency market turned red. Again. What could have caused this? Oh, maybe Trump’s latest tariff orders or, you know, just the usual market madness. But, what’s important here is that over $150 billion vanished into the ether over the weekend. Poof! Gone.

And who took the hardest hit? Well, none other than altcoins, obviously. And guess what? Dogecoin, the meme king, got dragged down with the rest of them. It dipped below $0.29 earlier today—first time since December 20th. So, yeah, that $0.3 support? Yeah, bye-bye!

Dogecoin is down 10% in the past 24 hours, and a lovely 15% since Friday when it hit $0.34. Not exactly what you’d call a *bullish* trend, is it?

Enter Ali Martinez—aka the prophet of crypto doom—who’s telling his 120k followers that Dogecoin just experienced a “bearish crossover” (I know, sounds technical) between the MVRV ratio and its 30-day moving average. Translation: prepare for more losses. Hold onto your hats, folks. 💥

#Dogecoin $DOGE just experienced a bearish crossover between the MVRV Ratio and its 30-day SMA, signaling a steep price correction ahead.

— Ali (@ali_charts) February 2, 2025

And let’s not forget, Dogecoin has had some major hype in the past thanks to Elon Musk and his shenanigans, not to mention his cozy connection with former President Trump. But now, with all the political uncertainty in the air, Dogecoin is really feeling the heat. Maybe it’s not just a meme anymore. 😬

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2025-02-02 15:47