Altcoins like Dogecoin are experiencing a plunge
- DOGE has corrected by more than 2.88% over the last seven days
- Dogecoin’s rise started on July 23 but seems to be retracing now
- Dogecoin’s pump was driven by Elon Musk’s Twitter branding and cryptic tweet
- Miners sold 130 million reserve coins, making a profit of $11.8 million
A timeline of DOGE’s price fluctuations
- DOGE prices shot up 24% after Elon Musk made it the new Twitter logo
- DOGE witnessed a record plunge in May, reaching a 90% dive from its all-time high
- DOGE struggled to rally in June, with prices falling over 14.4%
- DOGE revitalized in July due to DOGE-Twitter merge rumors
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Reasons behind Dogecoin’s latest plunge
- DOGE’s price rise was never based on fundamentals and was bound to wear out
- As the excitement around Twitter’s rebranding fades, DOGE is set for a plunge
- DOGE’s current price is $0.07615, representing a 10% decline from the intraday high
Technical analysis of DOGE and alternative option XRP20
- DOGE is currently demonstrating a small bullish bias with an RSI of 57.72 and a MACD of 0.170
- XRP20, an Ethereum-based alternative to DOGE, is performing well in its presale
- XRP20 can be purchased at a 30-times lower price than XRP in its presale
- XRP20 has a carefully designed token distribution plan and offers stake-to-earn utility and a deflationary mechanism
- The presale has raised over $655k and is likely to finish ahead of schedule
Hot Take
While DOGE is experiencing a plunge, investors may consider exploring alternatives like XRP20, which offers a more appealing opportunity with its presale and promising features.
