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
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
