DOGE Retraces Bull Run as Musk Chops Twitter to 1K Employees
TL;DR Dogecoin (DOGE) is back in the price range of April 3rd, 2023 after a 25% pump. On-chain metrics reveal three bearish signals, with transactions over $100,000 tumbling. 24.11% of the total Dogecoin circulating supply is being held on RobinHood and its large online community remains optimistic about the coin’s future.
Dogecoin’s on-chain metrics reveal three bearish signals.
The top dog memecoin Dogecoin today has fully retraced the Twitter logo switch. The affair between Twitter and DOGE on April 3rd, 2023, instantaneously pumped the canine coin by 25%, reaching $0.10 for the first time since Elon Musk acquired Twitter.
Six months later, the extravagant billionaire dropped around 90% of the staff for various reasons. Some staff members suspected of leaking private information were let go after interrogations. Twitter had around 8,000 staff at its acquisition, revealed Musk in a recent interview for BBC.
Now with 1000 staff, Twitter is undergoing an extreme makeover to be a part of X Corp. The new enterprise aims to make Twitter the centerpiece of a social hub, including communication and financial research tools. Elon Musk’s vision to create an all-in-one app like WeChat includes cryptocurrency adoption, as already seen in the recent deal with eToro.
On-Chain Signals Turn Red for DOGE
After being crowned the King of Twitter, Dogecoin gradually lost two key support levels. The DOGE Army’s favorite cryptocurrency dropped below the $0.09 support level on April 20th, 2023. Further on, DOGE lost the lower support level of $0.08 in the early hours of May 1st, 2023.
Currently, the #9 ranked canine coin is changing hands at $0.078333, according to CoinGecko. With a 16.5% decline in the last two weeks, DOGE now has to face the music of the ongoing bear market.
Besides, the technical parameters indicate three bearish signals in Concentration, Net Network Growth, and Large Transactions. The latter is the most bearish out of the three, with a 6.62% drop, meaning that transactions over $100,000 are tumbling, which can also be deemed a lack of interest by whales. Nevertheless, the DOGE Army remains optimistic about the coin’s future.
On the Flipside
Even though Twitter struck a deal with eToro, 24.11% of the total Dogecoin circulating supply is being held on RobinHood.
Why You Should Care
Dogecoin has a large online community and is one of the most widely-known cryptocurrencies.
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