{"id":550334,"date":"2023-09-06T02:00:16","date_gmt":"2023-09-06T02:00:16","guid":{"rendered":"https:\/\/wncen.com\/?p=550334"},"modified":"2023-09-07T02:38:04","modified_gmt":"2023-09-07T02:38:04","slug":"dogecoin-price-analysis-is-it-clawing-its-way-out-of-the-crab-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin-price-analysis-is-it-clawing-its-way-out-of-the-crab-market\/","title":{"rendered":"Dogecoin Price Analysis: Is It Clawing Its Way Out Of The &#8216;Crab Market&#8217;?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Dogecoin (DOGE) has been making headlines yet again, but this time it&#8217;s not for soaring to the moon. Instead, it appears that DOGE is caught in what the industry calls a &#8220;crab market.&#8221; This term describes a situation where the price of an asset remains relatively stable within a narrow range, making it challenging for traders to anticipate significant price movements.<\/span><\/p>\n<p><span style=\"font-weight: 400\">A crab market, also known as a sideways market or consolidation phase, is a situation where a cryptocurrency&#8217;s price remains relatively stable within a narrow range, resembling the sideways movement of a crab. In other words, the price neither surges significantly nor experiences substantial declines.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Dogecoin, a digital currency that once rode the waves of social media hype and celebrity endorsements, now seems to be stuck in this frustratingly stable pattern.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum-price-maze-will-it-soar-to-2000-or-stay-at-1500-in-september\/\" target=\"_blank\" rel=\"noopener \">Ethereum Price Maze: Will It Soar To $2,000 Or Stay At $1,500 In September?<\/a><\/div>\n<h2><strong>Dogecoin Crab Market Challenges: Low Trading Volume<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Dogecoin made an attempt to break free from this level of stagnation on August 30th, but it fell short of any substantial gains. With its current price hovering around $0.064248 according to <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/dogecoin\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">CoinGecko<\/span><\/a><span style=\"font-weight: 400\">, the cryptocurrency community is eagerly awaiting a breakout.<\/span><\/p>\n<p><span style=\"font-weight: 400\">A key indicator of the crab market scenario is the trading volume, and right now, Dogecoin is experiencing moderate trading activity. This tepid trading volume indicates that <\/span><a href=\"https:\/\/u.today\/dogecoin-doge-trying-to-break-free-from-crab-market\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">DOGE remains in the danger zone<\/span><\/a><span style=\"font-weight: 400\"> of prolonged stagnation. To escape this pattern, cryptocurrencies often require a surge in trading volume, a catalyst that can propel them to new heights.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/N74B1uoI\/\" width=\"2475\" height=\"1179\"><\/p>\n<pre style=\"text-align: center\">As of today, the market cap of DOGE reached $8.9 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<h2><strong>The Elon Musk Factor<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Interestingly, a <\/span><a href=\"https:\/\/www.benzinga.com\/markets\/cryptocurrency\/23\/09\/34259986\/dogecoin-spikes-2-after-elon-musks-biography-reveals-he-was-quietly-funding-doge\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">minor spike in DOGE&#8217;s price<\/span><\/a><span style=\"font-weight: 400\"> can be attributed to an unexpected source \u2013 the upcoming biography of Tesla CEO and X owner, Elon Musk. Set to be published on Sep. 12, this highly-anticipated book is expected to reveal Musk&#8217;s discreet financial contributions to the development of the popular meme coin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Walter Isaacson, the author of the forthcoming biography, disclosed that Musk &#8220;quietly funded&#8221; Dogecoin and even contemplated the creation of a blockchain-based social media platform. These revelations are poised to be unveiled within the pages of the book.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-bears-gain-upper-hand\/\" target=\"_blank\" rel=\"noopener \">Ethereum Bears Gain Upper Hand With Escalating Sell-Off: Impact On ETH Price<\/a><\/div>\n<p><span style=\"font-weight: 400\">Musk&#8217;s affection for Dogecoin has been no secret in the past. In a tweet from August, Musk responded to a post on X by his mother, Maye Musk, affirming that &#8220;X&#8221; is indeed a DOGE-friendly place.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As the cryptocurrency world watches and waits, hoping for a break from the crab market, it seems that even in moments of relative stillness, DOGE has found a way to capture the spotlight, courtesy of the ever-quirky and influential Elon Musk.<\/span><\/p>\n<p><em>(This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Featured image from Agri Farming<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin (DOGE) has been making headlines yet again, but this time it&#8217;s not for soaring to the moon. Instead, it appears that DOGE is caught in what the industry calls a &#8220;crab market.&#8221; This term describes a situation where the price of an asset remains relatively stable within a narrow range, making it challenging for traders to anticipate significant price movements. A crab market, also known as a sideways market or consolidation phase, is a situation where a cryptocurrency&#8217;s price remains relatively stable within a narrow range, resembling the sideways movement of a crab. In other words, the price neither surges significantly nor experiences substantial declines.\u00a0 Dogecoin, a digital currency that once rode the waves of social media hype and celebrity endorsements, now seems to be stuck in this frustratingly stable pattern. Related Reading: Ethereum Price Maze: Will It Soar To $2,000 Or Stay At $1,500 In September? Dogecoin Crab Market Challenges: Low Trading Volume Dogecoin made an attempt to break free from this level of stagnation on August 30th, but it fell short of any substantial gains. With its current price hovering around $0.064248 according to CoinGecko, the cryptocurrency community is eagerly awaiting a breakout. A key indicator of the crab market scenario is the trading volume, and right now, Dogecoin is experiencing moderate trading activity. This tepid trading volume indicates that DOGE remains in the danger zone of prolonged stagnation. To escape this pattern, cryptocurrencies often require a surge in trading volume, a catalyst that can propel them to new heights. As of today, the market cap of DOGE reached $8.9 billion. Chart: TradingView.com The Elon Musk Factor Interestingly, a minor spike in DOGE&#8217;s price can be attributed to an unexpected source \u2013 the upcoming biography of Tesla CEO and X owner, Elon Musk. Set to be published on Sep. 12, this highly-anticipated book is expected to reveal Musk&#8217;s discreet financial contributions to the development of the popular meme coin. Walter Isaacson, the author of the forthcoming biography, disclosed that Musk &#8220;quietly funded&#8221; Dogecoin and even contemplated the creation of a blockchain-based social media platform. These revelations are poised to be unveiled within the pages of the book. Related Reading: Ethereum Bears Gain Upper Hand With Escalating Sell-Off: Impact On ETH Price Musk&#8217;s affection for Dogecoin has been no secret in the past. In a tweet from August, Musk responded to a post on X by his mother, Maye Musk, affirming that &#8220;X&#8221; is indeed a DOGE-friendly place. As the cryptocurrency world watches and waits, hoping for a break from the crab market, it seems that even in moments of relative stillness, DOGE has found a way to capture the spotlight, courtesy of the ever-quirky and influential Elon Musk. (This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Agri Farming<\/p>\n","protected":false},"author":557,"featured_media":550336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,85675,7,8686,83767,4735],"class_list":["post-550334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-doge-price","tag-dogecoin","tag-ethusd","tag-meme-coins","tag-price-action"],"acf":[],"yoast_head":"\n<title>Dogecoin Price: Is It Clawing Its Way Out Of The &#039;Crab Market&#039;?<\/title>\n<meta name=\"description\" content=\"Dogecoin (DOGE) has been making headlines yet again, but this time it&#039;s not for soaring to the moon. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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