Dogecoin price plunged over the past week as the meme coin adjusts to crypto bloodbath
|- Dogecoin price plunged 8.5% over the past seven days as the meme coin suffered a drop in the bloodbath.
- The meme coin’s creator started a petition for Twitter to add a Dogecoin tip jar on the social media platform.
- Analysts believe Dogecoin price is ready for a trend reversal, starting a relief rally.
Dogecoin creator Billy Markus started a petition asking social media platform Twitter to add a DOGE tip jar. Dogecoin price posted nearly 9% losses over the past week due to rising global tension.
Dogecoin could make a comeback with a relief rally
Billy Markus, the creator of the Dogecoin network, tweeted about a DOGE tipping jar. Markus has started a petition requesting the social media platform Twitter to add Dogecoin tipping and urged his followers to sign the petition and show their support.
hey @Twitter, y’all should add #DogeTwitterTipJar - #dogecoin is the original tipping cryptocurrency of the internet, it just makes too much sense
— Shibetoshi Nakamoto (@BillyM2k) February 18, 2022
for everyone else, here’s a petition to sign - let’s show our interest shibes! - https://t.co/E0eoGXMDMq
pic.twitter.com/jmkTWE47T1
hey @Twitter, y’all should add #DogeTwitterTipJar - #dogecoin is the original tipping cryptocurrency of the internet, it just makes too much sense
— Shibetoshi Nakamoto (@BillyM2k) February 18, 2022
for everyone else, here’s a petition to sign - let’s show our interest shibes! - https://t.co/E0eoGXMDMq
pic.twitter.com/jmkTWE47T1
Recently Tesla started accepting Dogecoin as payment for some of its merchandise. This helped boost the meme coin’s adoption and fueled demand consistently. Markus’s suggestion to add a Dogecoin tipping jar on Twitter could have a similar effect on the meme coin’s price.
Dogecoin has posted over 8% losses over the past week. Proponents believe that a revival in the meme coin’s demand could act as a catalyst for Dogecoin price.
The crypto data intelligence platform Doge Whale Alert notes that Dogecoin is hitting exchanges. There is a spike in the inflow of the meme coin to exchanges. Historically a spike in inflow indicates a rise in selling pressure and the subsequent drop in Dogecoin price.
FXStreet analysts evaluated where Dogecoin price is headed next and predicted that the meme coin is set for another rally. In a relief rally, the meme coin’s price is on track for a leg higher.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.