Dogecoin (DOGE) Price To Decline Further Ahead Of Christmas?

Dogecoin (DOGE) Price News: With Elon Musk creating a poll on whether he should continue to lead Twitter, Dogecoin (DOGE) price seems to be on the negative side. Also, the big whales appear to be preparing to maximize returns ahead of the Christmas and New Year frenzy. On the other side, the crypto market continues to remain fragile as the FTX contagion effects remain. It appears that the market is destined to follow the bearish trend in the foreseeable future.

Also Read: Bitcoin (BTC) Price Hits A New Monthly Low, Further 20% Decline Possible

This environment persists after the U.S. Federal Reserve hinted at rising interest rates for a long time going into the year 2023. This move could mean reduced inflow of capital from small and retail investors into the crypto market.

DOGE Price To Fall?

The memecoin’s price has been following a steady downward path in the last one week, in line with the crypto market reaction to the Fed announcement. However, the DOGE whales appear to be consolidating for a price drop ahead of the New Year’s week. A recent DOGE whale transaction showed the transfer of 3.80 billion DOGE tokens, raising speculation of massive price action. This gains more prominence with the timing of the transaction, as the New Year and Christmas period showing big price action historically.

Meanwhile, it remains to be seen if DOGE price will come back to three month low level of $0.60. As of writing, the memecoin’s price stands at $0.07413, down 5.09% in the last 24 hours, according to price tracking platform CoinMarketCap.

Also Read: Terra Classic Core Developers Quits; LUNC Price Tanks 5%

Should I step down as head of Twitter? I will abide by the results of this poll.

— Elon Musk (@elonmusk) December 18, 2022

Earlier, Dogecoin fan Elon Musk asked in a Twitter poll if he should continue or step down as the company head. The community reacted with a clear majority vote for Musk’s stepping down. This could also have added to the price drop for the top memecoin.

Also Read: XRP Lawsuit: Another Win For Ripple? Judge Partially Reject SEC’s Request

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.