Dogecoin (DOGE) Price To Decline Further Ahead Of Christmas 2022?
Dogecoin (DOGE) Price News: With Elon Musk creating a poll on whether he should continue to lead Twitter, Dogecoin (DOGE) price seems to be on the negative side. Also, the big whales appear to be preparing to maximize returns ahead of the Christmas and New Year frenzy. On the other side, the crypto market continues to remain fragile as the FTX contagion effects remain. It appears that the market is destined to follow the bearish trend in the foreseeable future.
Also Read: Bitcoin (BTC) Price Hits A New Monthly Low, Further 20% Decline Possible
This environment persists after the U.S. Federal Reserve hinted at rising interest rates for a long time going into the year 2023. This move could mean reduced inflow of capital from small and retail investors into the crypto market.
DOGE Price To Fall?
The memecoin’s price has been following a steady downward path in the last one week, in line with the crypto market reaction to the Fed announcement. However, the DOGE whales appear to be consolidating for a price drop ahead of the New Year’s week. A recent DOGE whale transaction showed the transfer of 3.80 billion DOGE tokens, raising speculation of massive price action. This gains more prominence with the timing of the transaction, as the New Year and Christmas period showing big price action historically.
Meanwhile, it remains to be seen if DOGE price will come back to three month low level of $0.60. As of writing, the memecoin’s price stands at $0.07413, down 5.09% in the last 24 hours, according to price tracking platform CoinMarketCap.
Also Read: Terra Classic Core Developers Quits; LUNC Price Tanks 5%
Should I step down as head of Twitter? I will abide by the results of this poll.
— Elon Musk (@elonmusk) December 18, 2022
Earlier, Dogecoin fan Elon Musk asked in a Twitter poll if he should continue or step down as the company head. The community reacted with a clear majority vote for Musk’s stepping down. This could also have added to the price drop for the top memecoin.
Also Read: XRP Lawsuit: Another Win For Ripple? Judge Partially Reject SEC’s Request
- Breaking: Trump To Meet China’s President On October 30, Bitcoin Bounces
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
