This is the beginning of a Blog called "What happen to...?" this blog is going to talk about crypto that had a huge Pump and is on a marvellous downtrend that never ends...
To start the first episode of this blog I choose DOGE the crypto that everyone was expecting to reach 1 dollar in 2021 but never reach and lost 80% since his last ATH (All-Time High).
But why DOGE pump so hard in the first place?
Well, this is not normal crypto and that's because Doge is a meme, which means it has no fundamentals anything to people believe in, but they still believe... in what? they believe in the community, basically, they believe that everyone is going to buy and so they buy too going against all the other cryptos like CRO or LINK that have a project to people put their hopes on.
But a pump like that doesn't happen just because Doge has a strong community it had 2 more factors, first and the most important one Bitcoin started a Huge uptrend at that time, also Elon Musk gave a little help with notices that everyone could buy teslas with Dogecoin that he later because of Ambiental reasons didn't do and that was enough to send Doge from 0,01 to 0,70 in weeks a 70x pump.
Why the correction is still happening?
With a 70 time pump within weeks, people start taking profits and Doge finally started going down for real this time but one thing happen that almost no one knew at crypto thought would happen... Bitcoin started correcting in the middle of the summer and lost 50% going to 30k per bitcoin. And then out of nowhere, people start to panic because it seemed the bull market was over.
But not for Bitcoin...
Although a lot of people believed that BTC was going to 20k again he had other plans, but in that plans didn't include Dogecoin.
After a 50% drop, he manages to recover and claim his last ATH and make another one at 69k.
The reasons why Doge still dropped even with bitcoin doing uptrends...
The reason is simple, even with BTC going up a lot of people lost hope in Doge and didn't want to buy, and Elon Musk did not help this time. But Doge still manage to after the 80% drop stay above the 56EMA on the weekly chart and that was bullish
Until last week...
Bitcoin after claiming 69k started dropping again and because of that Altcoins suffer a lot, but last week was not good for doge because for the first time since the begging of the bull run he close the weekly chart below 56EMA.
But everything doesn't have to be bad!
After that week we reach the moment we are now, Doge manages to start going up, and this time the community is believing, and Elon Musk he also helping with some announcements. But BTC is not helping... Like I said before Btc going up is the most important factor is that doesn't happen Doge is not going anywhere near to the moon.
Right now...
BTC is at big support, 40k has to be the level where Btc has to hold, if that happens we could see Dogecoin hit 1 dollar for real this time, BUT only time will tell us...
This is what happen to Dogecoin if you liked leave a like and comment on some other crypto that you want me to talk about.