Dogecoin Price Nosedives – Founder Speaks Out as Market Chaos Unfolds
The Dogecoin price has gained by 2% today, rising to $0.09742 as the crypto market as a whole loses 1% in the past 24 hours.
This move comes after the coin’s co-founder, Billy ‘Shibetoshi Nakamoto’ Markus, posted a jokey comment yesterday on X about the ongoing market negativity, declaring that he “can’t wait to lose more money.”
And with DOGE down by 3.5% in a week and by 8% in a fortnight, anyone who bought the meme coin within these timeframes almost has lost money.
However, the token is actually up by 2.5% in a month and by a healthier 52% in a year, and with traders looking forward to more positivity after September, it could easily see bigger gains soon enough.
Markus’ comment was fairly innocuous, yet it given that it was expressly about price movements, it received more of a response than many of his other tweets.
can’t wait to lose more money today ᕕ( ᐛ )ᕗ
While his comment wasn’t specifically about Dogecoin, and more about the state of the market in general, it may possibly have helped lift DOGE in relation to market averages.
And as Dogecoin’s chart below shows, it seems to be regaining some momentum after a poor start to the week.
In particular, its relative strength index (purple) has risen from 30 yesterday to just over 50 today, and it seems like it’s still rising steadily.
Something similar applies to the coin’s 30-period moving average (orange), which after reaching a bottom is now inching up towards the 200-period average (blue).
This is a sign that we may be about to see a period of growth for DOGE, something also made likelier by the fact that the alt’s support (green) and resistance (red) levels are nearing each other.
Because the Dogecoin price is trading between an increasingly narrow band, we may see it
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