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Since its inception, Dogecoin (DOGE) has maintained its presence as the most popular meme coin in the crypto industry. In the last 24 hours, Dogecoin’s price caught the attention of investors with incredible volatility following a series of news on social media.
Dogecoin Rumors
Yesterday might have been the day of fake news in the cryptocurrency market. Incredible movements in the price occurred after a fake social media post about the death of the beloved mascot that underpins the emergence of DOGE.
An unidentified user X shared a screenshot claiming the death of Kabuso, considered the mascot of DOGE, which led to a 9% price increase to $0.083. However, this false news received backlash from investors and X users.
Later, the user himself admitted that the screenshot he shared was fake and then removed the post. Not stopping there, the user went into hiding by concealing his account but eventually disappeared by deleting the entire account.
This incident was a clear example of sharp price movements in the crypto market due to misinformation. The news about DOGE was not the only fake news of the night. On the other hand, another shocking news related to Bitcoin spot ETFs in the market was shared from the SEC’s X account by hackers.
Following the emergence of the news, the high volatility in the price of DOGE caused many addresses to profit, which in turn triggered DOGE sales by these addresses.
After the rise, DOGE erased most of its gains in the later hours of the day and was trading at $0.7923 at the time of writing. Despite the rise in DOGE’s price, the overall outlook continued to maintain a downward trend.
The Future of Dogecoin
Considering that DOGE is a meme coin, it is important to remember that a large part of its price movement is driven by news flow and the resulting excitement.
According to social activity analysis by Santiment, DOGE’s social volume appears to have a stable structure despite market fluctuations.
Moreover, it would be beneficial for investors to note that the weighted sentiment around DOGE has visibly declined over the last few days.
The reason for the decline in weighted sentiment is due to the higher number of negative comments about DOGE on social media compared to positive ones.
Despite the increase in negative comments about DOGE, there has been an increase in the total number of addresses investing in DOGE. This suggests that many addresses have been investing in DOGE.
If this trend continues, investors may soon see an increase in the price of Dogecoin.
