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- Billy Markus, the co-founder of Dogecoin, believes at least 70% of crypto investors are clueless about fundamental basics and how the market works.\u00a0<\/strong><\/li>\n
- Nearly a year ago, Dogecoin hit its all-time high of $0.73; since then the token has plummeted 88.4%.\u00a0<\/strong><\/li>\n
- Analysts note Dogecoin\u2019s recent pullback and identify a technical pattern that could push DOGE 15% higher if it plays out.\u00a0<\/strong><\/li>\n<\/ul>\n
Dogecoin\u2019s co-founder advises crypto investors to perform actual research and stay informed about their crypto investments. While the meme coin crumbles under pressure, analysts find a bullish pattern that could drive a rally in Dogecoin.\u00a0<\/p>\n
Dogecoin prepares to make a comeback\u00a0<\/h2>\n
While Dogecoin<\/a> derives most of its trade volume and activity from the hype around its meme coin, the Shiba-Inu-themed cryptocurrency\u2019s founder criticized the lack of fundamental awareness among crypto investors.\u00a0<\/p>\n
Billy Markus, co-creator of Dogecoin, doesn\u2019t think highly of investors who are clueless about how the market works and shared his views in a recent tweet.<\/p>\n
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i am not sure how many investors in crypto don\u2019t even understand the fundamental basics of either crypto or how markets work, but i would guess by reading what people say, at least 70% have absolutely no clue<\/p>\n
\u2014 Shibetoshi Nakamoto (@BillyM2k) May 16, 2022<\/a><\/p><\/blockquote>\n<\/div>\n
Markus recommended a two-step action plan for traders keen on investing \u2013 research the fundamentals of cryptocurrencies and the markets in general, and then plan.\u00a0<\/p>\n
Proponents believe Markus\u2019 tweet refers to Terra\u2019s LUNA and UST crash, where algorithmic stablecoin TerraUSD lost nearly 97% of its worth within a week. In less than seven days, Terra\u2019s colossal crash has been likened to a \u201cbank run\u201d in cryptocurrency and wiped out nearly $39.2 billion in the market value of Terra\u2019s LUNA and UST.\u00a0<\/p>\n
In the crypto market bloodbath triggered by the Federal Reserve tightening its monetary policy<\/a> and the de-peg of stablecoins, after UST, Dogecoin<\/a> wiped out its profits and posted 37% losses over the past two weeks.\u00a0<\/p>\n
Dogecoin whales bullish on the meme coin\u00a0<\/h3>\n
The number of Dogecoin<\/a> tokens\u00a0held in dormant large wallet addresses has increased significantly since the beginning of 2022.\u00a0<\/p>\n
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The cumulative sum in dormant DOGE addresses<\/small><\/p>\n
A rise in DOGE that is held dormant or inactive implies an increase in the accumulation of Dogecoin and is a bullish indicator. The supply of meme coins held dormant is effectively pulled out of the circulating supply, reducing it and driving up the price.\u00a0<\/p>\n
Large wallet investors turned bullish on DOGE, accumulating the meme coin and holding it dormant since the beginning of 2022; however, several market participants exited. The total number of active addresses hit an all-time high of 748,890 in March 2022, however, a massive decline followed as market participants exited DOGE.\u00a0<\/p>\n
Active Dogecoin addresses over the last six months<\/small><\/p>\n
Dogecoin could breakout with 15% rally if this indicator plays out\u00a0<\/h3>\n
Despite the recent pullback in Dogecoin, analysts remain bullish on the meme coin. Dogecoin price has failed to recover from the market correction and nosedived nearly 5% within the last 24 hours.\u00a0<\/p>\n
However, analysts have evaluated the Dogecoin price chart and identified a technical pattern that implies a trend reversal and a breakout in DOGE if it plays out. Analysts have identified a symmetrical triangle pattern on the intraday Dogecoin chart<\/a>. This pattern is considered bullish for the meme coin. If it plays out, DOGE could witness a 15% price rally.\u00a0<\/p>\n
DOGEUSDT chart\u00a0<\/small><\/p>\n
Analysts noted that DOGE is currently testing the formation’s lower border, which could result in a bearish outcome. If price penetrates the lower border and the bullish triangle pattern on Dogecoin price fails, it could lead to a breakdown for DOGE price instead.<\/p>\n<\/p><\/div>\n
- Nearly a year ago, Dogecoin hit its all-time high of $0.73; since then the token has plummeted 88.4%.\u00a0<\/strong><\/li>\n