Dogecoin Falls While Others Rally, Is It Decoupling From The Market?
27 Julho 2023 - 8:00PM
NEWSBTC
Over the last day, the majority of the crypto market has been
rallying alongside Bitcoin. But Dogecoin seems to have a mind of
its own as it has gone in the opposite direction. The meme coin
started out Thursday with a decline, which follows the trend of
DOGE deviating from the general crypto market trend over the past
week. Dogecoin Fails To Register Similar Gains To Larger Altcoins
Dogecoin has struggled to keep up with the gains of top altcoins
such as Ethereum and XRP. In this time, the meme coin has
maintained a rather constrained trend, falling over 3% in the early
hours of Thursday while the likes of Bitcoin saw recoveries.
Related Reading: Bitcoin Pre-Halving Patterns Suggest Bull Market
Is Not Starting In 2023 This is not the first that DOGE has gone in
the opposite direction in as many days. Earlier in the week, the
price of Bitcoin fell below $30,000, taking the broader market down
with it. However, DOGE remained resilient in the face of this bear
trend as billionaire Elon Musk reiterated his support for the
digital asset once more. With the change of Twitter to X, Musk had
changed his location to X but added the infamous DOGE symbol as
well. This move sparked speculation of Dogecoin being integrated
into the social media platform as a payment method and the price
rallied as a result of this. Thus, while digital assets across the
space saw their prices falling, Dogecoin was rising as high as
double-digit daily gains. So the meme coin’s deviation during the
market recovery comes as no surprise given the expected cool-off
from its earlier rally. DOGE price struggles to break $0.08
resistance | Source: DOGEUSD on Tradingview.com DOGE Becomes
7th-Largest Cryptocurrency Despite Dogecoin not following the
market uptrend, the meme coin continues to maintain its standing in
the market. DOGE is currently the 7th-largest cryptocurrency with a
market cap of $11.1 billion. This puts it ahead of Cardano, which
lost its spot to the meme coin following’s DOGE’s multiple rallies
this week. However, DOGE is currently seeing a significant slowdown
in its momentum with a rapid decline in daily trading volume.
According to Coinmarketcap, the daily trading volume of Dogecoin is
down more than 45% in the last day to rest at $678 million at this
time. Related Reading: Crypto Analyst Says It’s Time To Buy
Dogecoin, Here’s Why This nosedive in trading volume indicates that
investors may already be moving away from the asset as they believe
the rally might already be over. Given this, the meme coin may have
a hard time mounting a recovery at this level. Nonetheless, the
slowdown in momentum would not matter if Musk mentions the coin in
the coming days as it would rally nonetheless. Follow Best Owie on
Twitter for market insights, updates, and the occasional funny
tweet… Featured image from iStock, chart from TradingView.com
Dogecoin (COIN:DOGEUSD)
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