Dogecoin’s 17% Plunge: Is the Meme Coin’s End Near? 🐕💸

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Ah, the mighty Dogecoin, once the darling of the internet, now plummeting like a confused pigeon in a hurricane. 17% in a week? I’m not sure if it’s a bear market or a bear trying to hibernate. 🐻‍❄️

And let’s not forget the whales, those giant, greedy sea creatures who just decided to dump a billion DOGE tokens. Because nothing says “I’m rich” like throwing money into the void, right? 🐠

Selling en Masse

Ali Martinez, the X (formerly Twitter) analyst, has revealed that big-time investors have been offloading a billion DOGE tokens like they’re trying to get rid of a bad roommate. Now they hold less than 23 billion, which is 15% of the supply. That’s like having a 15% discount on a product you don’t even want. 💸

Increasing the supply? That’s the surefire way to make people think the coin is worth less. Who knew? The panic spreads like a viral TikTok dance, and suddenly everyone’s selling their DOGE like it’s a cursed item. 🧙‍♂️

Shortly after, Martinez touched upon Dogecoin again. He said the OG meme coin has been trading within a rising channel since March, but recently broke below the bottom of that structure at $0.18. That’s like trying to keep a toddler in a high chair-everything’s all over the place. 🍼

The Bullish Scenario

Despite the downtrend, some market observers remain optimistic that not all is lost for Dogecoin for this cycle. X user Chandler reminded that November has been a strong month for the meme coin in recent years, predicting that history might repeat itself. Because nothing says “hope” like a broken record. 🎶

Elon Musk also infused some positivism. The world’s wealthiest man (who happens to be a firm proponent of DOGE) said in 2021 that SpaceX “is going to put a literal Dogecoin on the literal Moon.” Several hours ago, he referred to that tweet, stating, “It’s time,” but also placed a laughing emoji at the end. 😂

Meanwhile, DOGE’s Relative Strength Index (RSI) indicates that a rebound could be incoming. The technical analysis tool measures the speed and magnitude of recent price changes, helping traders assess potential reversal points. It ranges from 0 to 100, and ratios below 30 are interpreted as bullish, as they suggest DOGE might be oversold. Currently, the RSI hovers around that mark. So, if you believe in the numbers, maybe Dogecoin will bounce back. But if you’re like me, you’ll just wait for the next crash. 🚀

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2025-11-04 22:34