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 is just not significantly mirrored within the price of the meme token.
In truth, 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 line with information from CoinGecko, the meme market cap stands at round $93.5 billion, reflecting an nearly 10% decline up to now day.
Is A 35% Decline On The Horizon For DOGE?
In a latest 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 value seems to be mirroring the worth of PEPE.
It’s not uncommon for 2 tokens to observe the same value trajectory, particularly in the event that they fall into the identical market class (as seen with Dogecoin and Pepe). Whereas there isn’t any assure that the DOGE value is mirroring PEPE’s value, this seeming correlation may present perception into the long run trajectory of the previous.
In line with Martinez, a deep correction could possibly be on the playing cards for the worth of Dogecoin whether it is actually following PEPE. This bearish forecast is predicated on the breach of a key assist degree round $0.000017 by the Pepe price in the direction of the tip of February.
The value 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 value a number of occasions up to now.
Nevertheless, Dogecoin may see its value fall to across the $0.2 mark if the same value sample performs out on its four-hour chart. With no main assist round this space to cushion this downturn, the DOGE value may doubtlessly undergo a good worse decline.
Dogecoin Worth Overview
As of this writing, the price 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 latest weeks, with practically a 12% decline up to now seven days.
After reaching a neighborhood 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 shifting largely sideways, hovering across the $0.35 area.
