Dogecoin (DOGE) has loved additional consideration from traders, particularly since Donald Trump took workplace and put Elon Musk accountable for D.O.G.E. — an acronym for Division of Authorities Effectivity. Nonetheless, this attention-grabbing relationship just isn’t notably 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 keeping 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 largest 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 isn’t uncommon for 2 tokens to observe an analogous value 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 value is mirroring PEPE’s value, this seeming correlation may present perception into the long run trajectory of the previous.
In keeping 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 help stage round $0.000017 by the Pepe price in direction of the tip of February.
The worth of PEPE witnessed a pointy decline to round $0.000011 (an over 35% drop) after breaking this significant help. This help zone lies across the $0.31 mark on the Dogecoin chart and has offered a cushion for the DOGE value a number of instances up to now.
Nonetheless, Dogecoin may see its value fall to across the $0.2 mark if an analogous value sample performs out on its four-hour chart. With no main help round this space to cushion this downturn, the DOGE value may doubtlessly undergo a good worse decline.
Dogecoin Value 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. Nonetheless, the meme token has been transferring principally sideways, hovering across the $0.35 area.
