{"id":601523,"date":"2024-04-05T10:21:14","date_gmt":"2024-04-05T10:21:14","guid":{"rendered":"https:\/\/wncen.com\/?p=601523"},"modified":"2024-04-05T10:42:09","modified_gmt":"2024-04-05T10:42:09","slug":"dogecoin-deflates-whats-behind-the-20-price-drop-amidst-memecoin-mania","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin-deflates-whats-behind-the-20-price-drop-amidst-memecoin-mania\/","title":{"rendered":"Dogecoin Deflates: What’s Behind The 20% Price Drop Amidst Memecoin Mania?"},"content":{"rendered":"

Dogecoin (DOGE), the Shiba Inu-themed memecoin, finds itself in a curious situation. While the number of holders and overall interest in DOGE surges, its price has experienced a significant drop in the past week.<\/p>\n

This inconsistency reflects the broader volatility of the memecoin market, currently experiencing an influx of novice traders.<\/p>\n

Related Reading: Trouble Ahead? Binance Coin Futures Market Under Pressure With Negative Funding Rates<\/a><\/div>\n

IntoTheBlock, a blockchain analytics firm, revealed a record number of addresses holding memecoins for less than a month in March.<\/p>\n

This trend suggests a surge in new investors drawn to the memecoin craze. However, Dogecoin, despite leading the pack in terms of both traders and transactions, has seen its price tumble by over 20% in the last week.<\/p>\n

DOGE Technical Signs Grim?<\/h2>\n

Technical indicators paint a concerning picture for DOGE’s immediate future. The Chaikin Money Flow (CMF), which measures buying and selling pressure, has dipped below zero, indicating an outflow of capital and a bearish sentiment.<\/p>\n

\"\"Source: IntoTheBlock<\/pre>\n
Related Reading:  XRP Battle Cry: Must Rally 70% To Reconquer $1 Peak After Market Turmoil<\/a><\/p>\n
On the other hand, the On-Balance Volume (OBV), reflecting buying pressure over time, has also declined, further confirming a downtrend. This combination of falling prices and declining trading volume could exacerbate the drop and weaken DOGE’s support levels.<\/p>\n
<\/p>\n
DOGE market cap currently at $24.6 billion. Chart: TradingView.com<\/a><\/pre>\n
Optimism Lingers For Memecoin<\/h2>\n
Meanwhile, cryptocurrency analyst Trader Mayne remains bullish on DOGE. He believes the memecoin could experience a significant price increase if it can hold its current support levels. However, Mayne’s prediction hinges on DOGE’s ability to defy the current bearish technical indicators.<\/p>\n
\n
$DOGE<\/a><\/p>\n
Big spot here for Doge imo.<\/p>\n
Bulls really want this area to hold, I think losing support here opens the door for a much larger correction.<\/p>\n
RR skewed positively for longs, if we hold and can reclaim that old high the party continues. pic.twitter.com\/HgSX60XuXv<\/a><\/p>\n
\u2014 Mayne (@Tradermayne) April 3, 2024<\/a><\/p><\/blockquote>\n
The broader cryptocurrency market sentiment also plays a crucial role in influencing individual coin prices. If the overall market experiences a correction, it could drag DOGE down further. Additionally, regulatory scrutiny or negative news surrounding memecoins could dampen investor confidence and lead to a sell-off.<\/p>\n
Dogecoin finds itself at a crossroads. While new investors are pouring in, fueled by the memecoin craze, the recent price drop and bearish technical indicators raise concerns about its short-term future.<\/p>\n
The decisions of existing holders, the whims of social media, and the overall cryptocurrency market sentiment will all be crucial factors in determining whether DOGE can defy the odds and reclaim its former glory.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Dogecoin (DOGE), the Shiba Inu-themed memecoin, finds itself in a curious situation. While the number of holders and overall interest in DOGE surges, its price has experienced a significant drop in the past week. This inconsistency reflects the broader volatility of the memecoin market, currently experiencing an influx of novice traders. Related Reading: Trouble Ahead? Binance Coin Futures Market Under Pressure With Negative Funding Rates IntoTheBlock, a blockchain analytics firm, revealed a record number of addresses holding memecoins for less than a month in March. This trend suggests a surge in new investors drawn to the memecoin craze. However, Dogecoin, despite leading the pack in terms of both traders and transactions, has seen its price tumble by over 20% in the last week. DOGE Technical Signs Grim? Technical indicators paint a concerning picture for DOGE’s immediate future. The Chaikin Money Flow (CMF), which measures buying and selling pressure, has dipped below zero, indicating an outflow of capital and a bearish sentiment. Source: IntoTheBlock Related Reading: XRP Battle Cry: Must Rally 70% To Reconquer $1 Peak After Market Turmoil On the other hand, the On-Balance Volume (OBV), reflecting buying pressure over time, has also declined, further confirming a downtrend. This combination of falling prices and declining trading volume could exacerbate the drop and weaken DOGE’s support levels. DOGE market cap currently at $24.6 billion. Chart: TradingView.com Optimism Lingers For Memecoin Meanwhile, cryptocurrency analyst Trader Mayne remains bullish on DOGE. He believes the memecoin could experience a significant price increase if it can hold its current support levels. However, Mayne’s prediction hinges on DOGE’s ability to defy the current bearish technical indicators. $DOGE Big spot here for Doge imo. Bulls really want this area to hold, I think losing support here opens the door for a much larger correction. RR skewed positively for longs, if we hold and can reclaim that old high the party continues. pic.twitter.com\/HgSX60XuXv \u2014 Mayne (@Tradermayne) April 3, 2024 The broader cryptocurrency market sentiment also plays a crucial role in influencing individual coin prices. If the overall market experiences a correction, it could drag DOGE down further. Additionally, regulatory scrutiny or negative news surrounding memecoins could dampen investor confidence and lead to a sell-off. Dogecoin finds itself at a crossroads. While new investors are pouring in, fueled by the memecoin craze, the recent price drop and bearish technical indicators raise concerns about its short-term future. The decisions of existing holders, the whims of social media, and the overall cryptocurrency market sentiment will all be crucial factors in determining whether DOGE can defy the odds and reclaim its former glory. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":601557,"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":[6664,1785,7,85699],"class_list":["post-601523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-doge","tag-dogecoin","tag-memecoin"],"acf":[],"yoast_head":"\nDogecoin Deflates: What's Behind the 20% Price Drop?<\/title>\n<meta name=\"description\" content=\"Dogecoin (DOGE), the Shiba Inu-themed memecoin, finds itself in a curious situation. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. 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. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Dogecoin Deflates: What’s Behind The 20% Price Drop Amidst Memecoin Mania?","url":"http:\/\/wncen.com\/news\/dogecoin-deflates-whats-behind-the-20-price-drop-amidst-memecoin-mania\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/dogecoin-deflates-whats-behind-the-20-price-drop-amidst-memecoin-mania\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_406e96.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_406e96.jpeg?fit=1200%2C627"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","doge","dogecoin","memecoin"],"dateCreated":"2024-04-05T10:21:14Z","datePublished":"2024-04-05T10:21:14Z","dateModified":"2024-04-05T10:42:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Dogecoin Deflates: What’s Behind The 20% Price Drop Amidst Memecoin Mania?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin-deflates-whats-behind-the-20-price-drop-amidst-memecoin-mania\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin-deflates-whats-behind-the-20-price-drop-amidst-memecoin-mania\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/a_406e96.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/a_406e96.jpeg?fit=1200%2C627\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"doge\",\"dogecoin\",\"memecoin\"],\"dateCreated\":\"2024-04-05T10:21:14Z\",\"datePublished\":\"2024-04-05T10:21:14Z\",\"dateModified\":\"2024-04-05T10:42:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/a_406e96.jpeg?fit=1200%2C627","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/601523"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=601523"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/601523\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/601557"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=601523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=601523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=601523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}