- Dogecoin price is handed over to the mercy of global markets.
- With Elon Musk tied up in court over Twitter, its caretaker will not be supporting DOGE price anytime soon.
- A complete flush of the big investments from June is set to kick in, with price action set to collapse by 20%.
Dogecoin (DOGE) price is in a dire situation, which could be compared with a steerless ship at sea, the engines dead and the galley bearing no food for the remaining crew. Elon Musk, known as one of the biggest backers of Dogecoin, already fled the ship a long time ago, breaking the naval code that the captain remains as last one at the steering wheel while passengers get the chance to flee as the first. Instead, Musk took his private escape pod and left investors puzzled about what to do next, as the Tesla billionaire has bigger fish to fry with the Twitter legal attack, setting up Dogecoin for a 20% collapse to $0.050.
DOGE price navigates without captain Musk
Dogecoin price has been reported to see a massive inflow of whale investors throwing substantial amounts of cash into cryptocurrencies. This came on the back of rumours that Dogecoin price action would see a revival and pop to the upside on the back of Musk buying Twitter and hooking up Dogecoin to the Twitter platform as one of the most preferred methods for payment for additional services. However, the rumour turned out to be a dud, as Musk remained silent and has not spoken about cryptocurrencies at all in over three months already.
DOGE price investors are now realising that their captain has left the ship, leaving it with no real supportive names on the bridge. At risk is now a full collapse of the price action towards $0.050 as the big investor whales from June will start to pull out their cash and possible earnings that come along with it, before they take some losses on their investments. DOGE price will undergo a cash exodus and see its market cap further decrease with a 20% loss at hand.
DOGE/USD Daily chart
A turnaround could get underway should the central banks, who are just one of the reasons for this cryptocurrency winter, start signalling that the worst is over and inflation gets under control with more positive growth forecasts at hand. This would make households and families invest more into cryptocurrencies, away from safe havens like the almighty US dollar. DOGE price would quickly see a pop towards $0.07 against the 55-day Simple Moving Average before rallying to $0.09 in a staggering recovery rally.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?