Is Dogecoin Spiraling or Ready to Rocket? 🐕🚀

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Imagine a coin named after a dog—barking its way into fortunes and then suddenly deciding it prefers to nap in the sun. Dogecoin (DOGE), the beloved meme currency, has seen its price nosedive by an unceremonious 7%, reaching a woeful $0.2301. Meanwhile, DOGE bulls appear to be as motivated as cats at a dog gym—network metrics are waving red flags in every direction.

DOGE: From Howling Success to Awkward Snooze Mode

Ali Martinez, a crypto analyst whose crystal ball is probably shinier than yours, reports that DOGE’s network activity hasn’t looked this lethargic since October 2024. Apparently, there were only 66 “whale” transactions. Whales seem to be skipping the Dogecoin pool party, leaving fewer than 60,000 daily active addresses frolicking about. If engagement levels drop much further, we might need to invent a term for “anti-viral.”

Source: Santiment

Adding insult to injury, this is the first time since November 2024 that DOGE has slouched to these lows—probably because it skipped leg day. CoinGlass data reveals that a staggering $8.62 million in long positions were liquidated. Ouch.

Planned Retreat or Accidental Face-Plant?

Don’t despair just yet—crypto analysts are like knights in shining spreadsheets. Ali Martinez has faith that if DOGE holds its line at $0.19, it could be eyeing a dramatic leap to $4. That’s quite the climb, folks! Although, calling DOGE “parabolic” feels a bit optimistic, like calling a puddle an ocean. 📈💧

The only way #Dogecoin $DOGE goes parabolic is if it holds this key support level!

— Ali (@ali_charts) February 21, 2025

Trader Tardigrade (great name, by the way) has joined the optimist caravan. He’s excited about the prospect of DOGE completing its fourth falling wedge pattern. Falling wedges often lead to outbursts of bullish energy. Past wedges brought DOGE rallies of 88%, 208%, and a jaw-dropping 445%. It’s like the currency lives for dramatic comebacks. 🚴💫

  • 1st Falling Wedge: Surged 88%
  • 2nd Falling Wedge: Rallied 208%
  • 3rd Falling Wedge: Catapulted 445%

Source: Trader Tardigrade

And if all the technical jargon isn’t enough to convince you to hold your digital leashes, here’s a curveball: speculation is growing about the approval of a Dogecoin ETF. That’s right—DOGE might saunter into ETFs, and the excitement is already forming queues outside virtual doors. Grayscale Investments, CoinShares, and WisdomTree are already making puppy eyes at the SEC, hoping their ETF proposals fetch approval. 🦴📄

The SEC has acknowledged Grayscale’s filing, marking the next chapter in Dogecoin’s unpredictable saga. Whether it’s facing a reckoning or a new renaissance, this meme-coin drama ensures one thing—you can never look away. 🔍🐕

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2025-02-24 14:29