- Santiment’s “strong and oversold” list also included Dogecoin.
- The meme coin’s value has fallen to levels last seen on April 25.
In recent days, Dogecoin (DOGE) has been rocked by uncertainty surrounding billionaire Elon Musk’s purchase of Twitter. In the last week, the value of the dog-based meme currency dropped by 7.95 percent. Santiment’s “strong and oversold” list also included Dogecoin. This merits more investigation. DOGE’s volume dropped significantly when Musk’s Twitter takeover news faded from the headlines. As a matter of fact, the meme coin’s value has fallen to levels last seen on April 25.
This notion seems to be supported by the velocity measure, which shows a drop in DOGE-related activity to levels last seen in late March and early April. It’s as if the Musk Twitter episode never happened when looking at these numbers.
No Remarkable Surge Despite New Development
Meme cryptocurrency Dogecoin has been added to Bitso, Mexico’s most popular cryptocurrency exchange, announced in a recent Twitter statement. However, CMC data shows that the DOGE price hasn’t changed much but a 2% surge, now trading at $0.1315, despite the announcement.
Dogecoin-based tokens are the only ones supported by the exchange. In January, Bitso extended support for Shiba Inu, a competing meme currency. The exchange currently supports 33 cryptocurrencies in total, including Dogecoin (DOGE), The Sandbox (SAND), Gala (GALA), Enjin (ENJ), and SushiSwap (SUSHI).
A DOGE rally doesn’t seem to be in the cards. However, nothing about DOGE and Elon Musk can be taken for granted, as seen in the past. According to CMC, the Dogecoin price today is $0.131176 USD, with a 24-hour trading volume of $707,191,833 USD. Dogecoin has been up 2.06% in the last 24 hours.
