TL;DR
- Large holders offloaded 270 million DOGE ($70M) in the last 24 hours, increasing supply and signaling potential further declines if demand doesn’t keep up.
- However, some analysts predicted a possible recovery based on DOGE’s historical patterns.
DOGE Bleeds Heavily
Donald Trump’s latest actions have seemingly had a crushing effect on the cryptocurrency sector. Recall that the US president imposed hefty tariffs on China, Canada, and Mexico, followed by a brutal correction for most leading digital assets.
The OG meme coin – Dogecoin (DOGE) – was among the worst affected, with its price falling to as low as $0.21 (per CoinGecko’s data). As of this writing, it trades at approximately $0.25, a 16% daily decrease.
While the bulls hope this will be a temporary correction that can be followed by another rally, some metrics suggest that the bears might prevail in the short term.
The popular analyst Ali Martinez revealed on X that whales have sold 270 million DOGE (worth almost $70 million at current rates) in the last 24 hours. Actions of that type increase the circulating supply of the asset, meaning the price could head south (assuming demand doesn’t catch up the pace). Additionally, smaller players might interpret this as a worrying sign and join the sell-off.
Several hours ago, Martinez noted that DOGE experienced a bearish crossover between the Market Value to Realized Value (MVRV) ratio and its 30-day Simple Moving Average. According to him, this signals “a steep price correction ahead.”
DOGE Price Predictions
Despite the crash, multiple market observers remain optimistic that the meme coin could return to the green track soon. One example is the X user Trader Tardigrade, who envisioned a major resurgence based on the asset’s historical performance.
“In the 2016 pullback, DOGE retraced 59.76%, followed by a +9,221% bull run. In the 2020 pullback, DOGE retraced 56.2%, followed by a +30,693% bull run. When in doubt, check the macro chart,” the analyst said.
KALEO and Crypto Tony chipped in, too. The former described the current price level as “a solid entry and practically free compared to where we’ll see it a few months from now.”
For their part, Crypto Tony claimed they are waiting for a potential push to $0.34 so they can hop on the bandwagon as an investor.
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