Dogecoin founders say crypto investors are in despair as the DOGE price falls under pressure

  • Billy Markus, the co-founder of Dogecoin, believes that at least 70% of crypto investors have no idea about the basics and how the market works.
  • Nearly a year ago, Dogecoin reached its highest record of $ 0.73; since then, the token has fallen 88.4%.
  • Analysts note Dogecoin’s recent withdrawal and identify a technical pattern that could push DOGE 15% higher if it becomes a reality.

The Dogecoin co-founder advises crypto investors to do real research and stay informed about their crypto investments. While the currency meme is falling under pressure, analysts are finding a bullish pattern that could lead to a rally in Dogecoin.

Dogecoin is preparing to make a comeback

While Dogecoin derives most of its trading volume and activity from the hype surrounding its meme coin, the Shiba-Inu-themed cryptocurrency founder has criticized the lack of basic awareness among crypto investors.

Billy Markus, co-creator of Dogecoin, does not think highly of investors who have no idea how the market works, and shared his views in a recent tweet.

Markus recommended a two-step approach for traders looking to invest – research the basics of cryptocurrencies and markets in general, and plan accordingly.

Supporters believe that Markus’ tweet refers to Terra’s LUNA and UST crash, where the algorithmic stackcoin TerraUSD lost almost 97% of its value in one week. In less than seven days, Terra’s colossal crash was compared to a “bank run” in cryptocurrency, wiping out nearly $ 39.2 billion of Terra’s LUNA and UST market value.

In the cryptocurrency market carnage triggered by the Federal Reserve’s monetary tightening and post-UST stablecoin release, Dogecoin has wiped out profits and had 37% losses in the last two months.weeks.

Bullish Dogecoin Whales on Meme Coin

The number of Dogecoin tokens in large dormant wallet addresses has increased significantly since the start of 2022.

The cumulative sum of sleeping DOGE addresses

An increase in DOGE that is kept dormant or inactive implies an increase in Dogecoin accumulation and is a bullish indicator. The dormant meme coin supply is effectively removed from the circulating supply, reducing it and driving up the price.

Major portfolio investors have become positive towards DOGE and have hoarded the mem coin and kept it dormant since the start of 2022; several market participants withdrew, however. The total number of active addresses reached a record high of 748,890 in March 2022, however, a massive decline followed as market participants left DOGE.

Dogecoin addresses that have been active for the last six months

Dogecoin addresses that have been active for the last six months

Dogecoin can break out with a rally of 15% if this indicator holds true

Despite Dogecoin’s recent withdrawal, analysts remain positive on the coin itself. The dogecoin price did not get above the market correction and fell almost 5% in the last 24 hours.

However, analysts have assessed the Dogecoin price chart and identified a technical pattern that implies a trend reversal and DOGE outbreak if it occurs. Analysts have identified a symmetrical triangle pattern on the intraday Dogecoin chart. This pattern is considered bullish for the coin itself. If that happens, DOGE could see a price increase of 15%.

DOGEUSDT chart

DOGEUSDT chart

Analysts noted that DOGE is currently testing the lower limit of the formation, which could lead to a bearish result. If the price breaks into the lower limit and the bullish triangle pattern on the Dogecoin price fails, it may cause the DOGE price to collapse instead.

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