Dogecoin [DOGE] had an array of investors pouring into its market. The altcoin garnered immense traction throughout last week, however, this didn’t seem to last long. The asset took a plunge from a high of $0.070 to a low of $0.024. At the time of writing, DOGE was trading for $0.032 with a 3.79% drop in the last 24-hours. The coin had fallen in terms of market cap as well. The asset was up in the top ten just days ago. The asset seeped down to the fifteenth position while its market cap was at $4.19 billion.
Dogecoin was a product of social media. It started off as a meme but its price change proved that it’s no joke. The altcoin even saw significant surges due to social media platforms like TikTok, in the past. However, the social interest of the meme coin was seen spiraling downwards. Prominent analytics platform, Santiment tweeted about the same. The tweet read,
“The comparison between the discussion rates of $XRP and $DOGE over the past week is quite reflective of just how quickly the tides in interest can change in #crypto. The power of #wallstreetbets continues to be an enormous and revolutionary power.”
XRP was finally seen rising after a long stay in the red zone, thanks to its tiff with the SEC. But, XRP accompanied Dogecoin in its recent downfall with regard to its social interest. During the time of writing, XRP was seen trading for $0.37 with a 2.16% fall in the last 24-hours.
Both DOGE and XRP had recently garnered an endorsement from the prominent American band, KISS’s member, Gene Simmons. His tweet read,
Dogecoin [DOGE] To Prolong Its Downtrend
The four-hour price chart of DOGE on Binance announced that the bears were in the market of the altcoin. The Parabolic SAR indicator laid out dotted lines above the candlesticks which is considered bearish. The Awesome Oscillator indicator formed red closing bars and indicated a bearish momentum. The Money Flow Index indicator revealed a sellers’ notion in the DOGE market. The volume in the DOGE market was also down.