1,000,000,000 DOGE in 7 Days: Could Dogecoin’s Bear Market Be Starting?

The biggest meme coin is among the worst-affected cryptocurrencies from the broader market correction, with its price crashing by 17% over the past ￰0￱ recent whale sell-off could have also negatively impacted ￰1￱ en Masse The renowned analyst, using the X handle Ali Martinez, revealed that large Dogecoin investors have dumped more than one billion tokens in the last week ￰2￱ stash equals approximately $165 million (calculated at current rates). Following that move, this cohort of investors now holds less than 23 billion DOGE, representing around 15% of the asset’s circulating ￰3￱ of that type are generally seen as bearish since they increase the amount of coins on the market, and that could be followed by a price pullback (assuming demand doesn’t react accordingly).

The massive sell-off may also spread panic across the community and prompt smaller players to cash out, ￰4￱ after, Martinez touched upon Dogecoin ￰5￱ 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. This means that DOGE has lost support and could be headed for a more violent crash, potentially dropping as low as $0.11. 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 ￰6￱ Musk also infused some ￰7￱ 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 ￰8￱ technical analysis tool measures the speed and magnitude of recent price changes, helping traders assess potential reversal ￰9￱ 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 ￰10￱ RSI,