Why Twitter is not always Dogecoins [DOGE] Friend in price lists

Amid reports that Twitter has shut down its crypto integration system, Dogecoin [DOGE] Lost Over 11% of its value in 24 hours. memecoin value increased over 130% after Twitter Obsession By outspoken DOGE supporter Elon Musk, Binances Acquisition support and a short recovery in the market.


over here AMBCrypto Price Prediction for Dogecoin For 2022-2023


It now has a Silicon Valley platform pointed Twitter is planning to develop a crypto wallet in addition to the existing one Bitcoin [BTC] Integrations paused.

Whales to save the day or not?

Despite the Platformer’s inward report, Dogecoin whales have not stopped their activities. At the time of writing, Dogecoin Whale Alert has revealed that more than $18 million of memecoin has been moved from one wallet to another in a 24 hour period.

With large transactions, investors may expect DOGE to stabilize or in the worst case to fall to a minimum. However, the circumstances that followed were not. In fact, according to Santiment, the market may have regained the gains that investors recorded during the recent rally. This was because Indications From the ratio of market value to realized value (MVRV).

The chain analysis platform showed that the proportion of thirty-day MVRV decreased from 39.81% on October 29 to 4.47%. The trend has meant that the past few days have led investors to losses rather than gains.

In addition, DOGE’s short-term investors may also have an impact due to the possibility of selling after making significant profits within a short period.

Source: feeling

Given this situation, it’s clear that DOGE’s whales had little impact on what was actually a rally. However, the proportion of MVRV was not the only affected victim.

Santiment also revealed that DOGE has suffered setbacks on other fronts as well.

It’s autumn in November

On a one-day hemodynamic assessment, Santiment open The value of 4.05 billion on November 2 decreased significantly. As of press time, the one-day supply of Dogecoin is 286.11 million. This drop means that investors have slowed down their use of Dogecoin for transactions or any activity in the last 24 hours.

Under similar conditions, the volume of DOGE decreased by 27.10%. At $2.81 billion, it’s becoming clear that Twitter’s hesitation alone may not be the only reason for the move. Thus, the magnitude of the decrease means that the investors had an impact on the total profit or loss of Dogecoin transactions.

Dogecoin volume and trading for one day

Source: feeling

On the 4 hour chart, DOGE does not appear to be anywhere near a recovery. This is because the coin is constantly losing support and has dropped from $0.1254 to $0.1147 at press time.

In addition, the Moving Average Convergence Divergence (MACD) indicates that the sellers (orange) are now in the lead. In addition to the selling force, the 12-26 moving average below the midpoint of the chart roughly confirmed that the DOGE could be bearish in the short term.

Dogecoin price action November 2022

Source: TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *