Dogecoin Plummets Another 6% But Traders Remain Upbeat: Why?
Dogecoin Plummets Another 6% But Traders Remain Upbeat: Why?Dogecoin DOGE/USD is seeing a disparity between bearish short-term price action and bullish social media sentiment driven rising social activity and increased accumulation by large holders. CryptocurrencyPrice Market Cap24-Hour Trend7-Day TrendDogecoin DOGE/USD$0.3267$48.9 billion-6%-3%Shiba Inu SHIB/USD$0.00002121$12.5 billion-4.4%-7.7%Pepe PEPE/USD$0.000017$7.4 billion-4.2%-17.2%Trader Notes: Trader Tardigrade compared Dogecoin's current price pattern to its previous market cycle, highlighting the formation of a parallel channel suggesting a bullish outlook. He set price targets of $2 for the 2025 cycle and $8 for 2028, advising long-term holding for substantial gains. #Dogecoin is REPLICATING its previous cycle 🔥The same parallel lines (Channel) has been identified.This is no coincidence.$2 is a reasonable target for the 2025 cycle, and $8 for the 2028 cycle 🚀Hodl your $Doge 💎 pic.twitter.com/ii0FzyL3BB— Trader Tardigrade (@TATrader_Alan) January 9, 2025In another tweet on Jan. 8, he said this is not the time to short or sell DOGE, as it is retesting the apex of the Ascending Triangle. Rose Premium Signals echoed the sentiment, noting a strong bullish structure in Dogecoin's macro charts. Accumulation near key support zones aligns with long-term Fibonacci levels, supporting a potential 3x rally this cycle to approximately $0.56943. Statistics: Coinglass data shows $18.8 million in Dogecoin liquidations over the past 24 hours, including $12.3 million in long positions. According to Bitinfocharts, addresses holding 1 billion to 10 billion DOGE have increased from 13 to 17 in recent weeks. Between Dec. 1, 2024, and Jan. 9, these addresses grew their holdings from 28.4 billion DOGE to 45.6 billion DOGE. CryptoDep data places Dogecoin at the top of the meme token leaderboard, with 28.500 posts, 6.9 million interactions and 2.9% social dominance. Community News: Dogecoin founder Billy Markus, pseudonymously known as Shibetoshi Nakamoto, highlighted DOGE's surprising appearance in Senator Joni Ernst's (R-Iowa) speech. She referenced DOGE in her address on the newly established Department of Government Efficiency, emphasizing its symbolic importance and stating, "Doge is inevitable." Read Next: Elon Musk Foresees Drop In Bitcoin, Dogecoin Prices If Dollar Inflation Solved: ‘What Matters Is The Ratio…’ Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.