Renowned analyst sells everything but DOGE despite risk of 80% crash
- Dogecoin is no longer trending in the crypto community, users have lost substantial interest in the meme coin since May 2021.
- Despite Dogecoin core release plan announced by DOGE developers, the meme coin is struggling to recover.
- Analysts believe Dogecoin price could crumble under rising selling pressure, dropping by 76%.
Dogecoin price remains at risk of further collapse, yet despite this bearish outlook, a renowned analyst has sold all his cryptocurrency holdings and poured capital into Shiba-Inu-themed cryptocurrencies Dogecoin and Shiba Inu.
Dogecoin loses popularity among crypto traders
Billy Markus, the co-creator of Dogecoin believes crypto traders have lost interest in the meme coin because “crypto is only interesting when the price is high.” Markus believes crypto is interesting only in a bull market, the consistent price drop since summer of 2021 has pushed the popularity of Dogecoin lower.
Markus posted a screenshot of a rapid decline in search requests for Dogecoin. While in June 2021, mass interest in Dogecoin hit the 100 mark, it collapsed below 25, a 3x decline within a year.
In the summer of 2021, Dogecoin price rally fueled the meme coin’s popularity in the crypto community and resulted in a spike in interest.
crypto is only interesting to the masses when number go up
— Shibetoshi Nakamoto (@BillyM2k) June 6, 2022
always has been always will be pic.twitter.com/522uiLWQKa
Dogecoin core release plan announced by developers on Github
The latest version of Dogecoin Core was released nearly six months ago. A plan for the release of the next version of Dogecoin Core has been introduced in a special GitHub section dedicated to the meme coin.
Among points shared in the v1.14.6 release plan, developers have drawn special attention to the elimination of known Bitcoin vulnerabilities. Bitcoin nodes could be protected from attacks that challenge the receipt of transactions from other nodes. Developers believe this could enhance the overall security of Dogecoin Core infrastructure.
Dogecoin Core could be better protected by making it more ready-to-go, setting the wallet’s discard threshold to 0.01 DOGE. This could tighten up the overall user interface and update parts of the wallet’s infrastructure that affect codependence of other components of the framework.
Crypto influencer bets big on Dogecoin and Shiba Inu
Jeremie Davinci, a leading Bitcoin analyst and early adopter recently told his followers that he sold all cryptocurrencies except Dogecoin and Shiba Inu.
I sold everything except $Shib and $Doge!
— Davinci Jeremie (@Davincij15) June 6, 2022
Jeremie commented on his tweet, informing his followers that his statement was not exactly true. The early Bitcoin adopter likely has a portfolio with other assets and altcoins, however, it fueled a bullish sentiment among holders.
Analysts predict 76% drop in Dogecoin price
Analysts have evaluated the Dogecoin price trend and predicted that the meme coin could crumble under selling pressure and post a 76% drop. @Pladizow, a crypto analyst has set a downside target of $0.01877 for the meme coin.
DOGE-USDT
FXStreet analysts have evaluated Dogecoin's rival Shiba Inu price trend and identified what the meme coin needs to do in order to validate the bearish outlook on SHIB price.
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.
