Dogecoin (DOGE) Whales Shift Ground as Price Hits Crucial Pivot

The digital currency ecosystem is seeing a mild gain retraction as Bitcoin (BTC) failed to match up to expectations following the debut of spot Bitcoin Exchange Traded Fund (ETF) products. Dogecoin (DOGE) bears are riding this negative price trend, with a 1.80% drop in the past 24 hours to $0.08479.

Timeline of Dogecoin

Dogecoin is on another rally once more as social media platform X (formerly Twitter) made an announcement that many believe will ultimately have a significant impact on the DOGE price. According to the announcement, X is finally moving forward with its long-await payments plans which are expected to go live in 2024.

The Dogecoin (CRYPTO: DOGE) market was thrown into a frenzy by a rumor regarding the death of its mascot, causing a significant price fluctuation. What Happened: As reported by CoinDesk on Tuesday, a social media post suggested that Kabuso, the Shiba Inu dog that acts as the token's mascot, had passed away.

According to Tony, an accumulation pattern is emerging, and he anticipates FLOKI becoming a notable mover in the meme coin market. Additionally, price forecasts for FLOKI suggest a potential surge of around 44.25%, contributing to the overall bullish sentiment.

Dogecoin has approached a crucial support level. The asset has found itself above the 200-day exponential moving average, a popular indicator that often acts as a strong support level for prices on charts like DOGE/USDT.

Dogecoin, a prominent dog-themed meme coin in the cryptocurrency sphere, drew considerable attention following substantial whale transactions involving the movement of approximately 1 billion DOGE.

Billy Markus, one of the founders of Dogecoin, known for being a vocal supporter of tech mogul Elon Musk and his ventures, especially Twitter/X, recently expressed his support for the social media platform in a tweet. Billy Markus also mentioned that it would be a groundbreaking move if Elon Musk chose to develop a metaverse using the X app.

One of the two founders of the original meme cryptocurrency Dogecoin (DOGE), Billy Markus, who is known to be a vocal supporter of tech tycoon Elon Musk and his companies, Twitter/X in particular, has published a tweet in support of the aforementioned social media platform.

Despite a hard week of muted performance and an eventual crash, the bullishness around Dogecoin has not waned, especially among crypto analysts. Expectations for the crypto's price are still high with crypto analyst JD referring to the Dogecoin price chart as beautiful.

In a recent analysis, a pseudonymous crypto expert who goes by @itsALLrisky on X (formerly Twitter) presented a compelling case for Dogecoin's sovereignty, asserting that the popular meme coin may thrive without the need for a Dogecoin ETF.

Dogecoin (DOGE), the largest meme coin by market cap, has witnessed its price plummet by over 10% in today's trading session. The dog-faced crypto registered massive declines in the past week.