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Home Crypto

Dogecoin’s Bitcoin-beating bounce may be bad news for the market

LiveBetPro by LiveBetPro
December 2, 2022
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(CoinDesk Analysis Team)

While Bitcoin (BTC) and the broader crypto market seem to have found a footing despite the heightened credit risk faced by major industry players in the wake of FTX’s collapse, there’s still one factor that suggests the downtrend isn’t over.

Meme cryptocurrency Dogecoin (DOGE) has rallied 40% in the past 10 days, outpacing the 18% gain in ether (ETH) and bitcoin’s 8% rise. Total market capitalization has increased by 10% to $808 billion, CoinDesk data show.

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The discrepancy is significant because, historically, outsized gains in DOGE and other meme coins like Shiba Inu (SHIB) have portended a marketwide sell-off.

“Every time that [the] price of DOGE starts rising rapidly, there’s a market-wide crash following just moments later,” blockchain analytics firm Santiment said in market insights note. “Right now, we are observing such a rise. Now the question is, is this time different?”

DOGE price spikes have consistently foreshadowed BTC price slides over the past 12 months (Santiment)

The chart shows rallies in DOGE, which started as a joke in 2013, have evolved as contrarian indicators in the past 12 months, prompting investors to trim bullish positioning in bitcoin and other cryptocurrencies. The most notable example would be DOGE’s late October surge that foreshadowed bitcoin’s FTX-induced slide to 24-month lows in mid-November.

Whether history will repeat itself remains to be seen.

Read New Cardano algorithmic stablecoin evokes old fears for the community

Post Views: 158

Related posts:

dogecoinDogecoin launches new update to improve security and efficiency FXStreetDogecoin and Shiba Inu bleed in Pre-FOMC crypto snoozefest doge-and-adaDogecoin: A tool of speculation or starter drug for crypto DOGEPERPIs this sign of a local bottom before Dogecoin price rallies 15%? dogecoinWhat is Dogechain, the secret sauce behind Dogecoin’s 15% price rally? shiba-inu-va-dogecoinDogecoin and Shiba Inu bleed as whales abandon ship at the top dogecoinDOGE price prediction: Dogecoin bulls are storming out of the gate dogecoinDogecoin price could reclaim $0.1 if it rises above this critical level
Tags: contrarian indicatorsDogecoin priceMeme cryptocurrency Dogecoin

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