Memecoins have a history of massive price breakouts and then witnessing prolonged bearish phases. After a speculator momentum demonstrated by Dogecoin, the meme coin is set to enter a consolidation phase below $0.15 amid the market slump. The meme token is witnessing massive sell-offs, water-shedding the hopes of analysts about the Dogecoin price hitting $1 in this bull cycle.
Shibetoshi Nakamoto Announcement Leads Dogecoin Price to Slump
The recent downturn in Dogecoin (DOGE) prices can be attributed to several factors. Among the top is the recent announcement of Shibetoshi Nakamoto, the creator of Dogecoin, to distance himself from the meme coin. This has fueled a speculative market sentiment for the meme coin as the community was looking to a forthcoming “big announcement” for DOGE.
Moreover, the 33% decline in trading volume indicates a fading hype for the Dogecoin price trajectory. On May 7, a notable transaction was recorded by the Whale Alert where $62.8 million worth of Dogecoin was offloaded on the Robinhood exchange. This transfer also hints at the changing sentiment of investors, seeking positions in more sustainable investment avenues.
🚨 🚨 🚨 400,000,000 #DOGE (62,825,933 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/Ghy0dGLZky
— Whale Alert (@whale_alert) May 7, 2024
Tesla Integration Fails To Fuel a Price Rebound for DOGE
With the meme coin market slumping, the Dogecoin price is among the top decliners. DOGE is down by 26% on the monthly timeframe and 4.7% down on the intraday chart. Following a decline in market cap and huge sell-offs, DOGE is expected to enter a prolonged consolidation phase leading to significant losses for investors.
Despite its recent integration with Tesla for payment purposes, DOGE has failed to sustain the market hype. Due to its hype-based tokenomics, investors believe that Dogecoin is not a promising choice in the upcoming turbulent market. DTX Exchange (DTX) is poised to take the lead with its real-time utility and ground-breaking presale.
DTX Exchange Promise 100x Returns on Mainnet Launch
DTX Exchange (DTX) is catching eyeballs with its unique trading propositions and unprecedented growth opportunities. The project is poised to outpace legacy projects, emerging as the best hybrid exchange in Q2 of 2024. DTX’s power lies in its 1000x leverage feature through which traders can capitalize ten-folds in a diverse range of financial markets.
The exchange utilizes blockchain technology to provide users with a secure and robust trading experience, mitigating the risks of any potential threat to data compromisation. The users are eligible to have full access to their private keys and funds through non-custodial wallets and KYC-free onboarding.
DTX Exchange is creating waves after it crossed the $500,000 benchmark in stage 2 of the public presale. Increasing capital influx indicates a surging demand for the hybrid exchange globally due to its extensive use case and scalable infrastructure. DTX token is priced at $0.04 which will surge to $0.06 in the next stage of the presale.
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