DOGE Plunges 9% Despite Elon Musk’s ‘Doge to Mars’ Remark

Dogecoin Price Drops Sharply Amidst Market Sell-Off

Dogecoin (DOGE) experienced a significant price decline of over 9%, trading at $0.3454. The downturn follows a broader market drop despite Donald Trump's inauguration.

Elon Musk's "Doge to Mars" Comment Fails to Boost Rally

Elon Musk's recent comment about "Doge to Mars" during Trump's inauguration failed to ignite a rally. Instead, Dogecoin opted to continue its downward trend.

Market Cap and Trading Volume

At the time of writing, Dogecoin's market capitalization stands at $51 billion, with a daily trading volume of $7 billion.

Technical Analysis

The four-hour chart indicates a bearish correction, with DOGE potentially falling to $0.3386 or even its previous lows if selling pressure persists. However, bullish pressure could invalidate these losses and drive the price upwards towards $0.3587.

Technical indicators, including MACD and CMF, suggest a bearish trend, with selling pressure outweighing buying pressure.

Disclaimer

The opinions expressed in this article are solely those of the author and do not constitute investment advice. Readers are advised to conduct their own research before making any investment decisions.