Have you ever wondered how the rise and fall of meme coins can mirror the emotional rollercoaster of their investors? Well, buckle up! February has kicked off with a bang—specifically, a 23% crash in Dogecoin’s price. Yes, that’s right! This sudden dip has ignited a bearish outlook among DOGE holders, who might want to rethink their optimism for a swift recovery this month. With historical trends suggesting a rough ride ahead, let’s dig deeper into what’s fueling the current sentiment and whether there’s any hope for a comeback in the beloved meme coin. Want to explore this further? LEARN MORE.
The Dogecoin price has started out this month with a crash, sparking a bearish sentiment among DOGE investors. This bearish sentiment is further strengthened by historical data, which suggests that these investors shouldn’t be too optimistic about the foremost meme coin recording significant gains this month.
Dogecoin Starts February With 23% As Historical Data Paints Bearish Picture
CryptoRank data shows that the Dogecoin price has suffered a 23% crash since the start of February. This follows the monthly green close, which the foremost meme coin enjoyed in January, with a 4% gain in the first month of the year. Amid this price crash since the start of this month, historical data also points to a bearish outlook for DOGE throughout this month.
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Further data from CryptoRank shows that February is historically a bearish month for Dogecoin. The foremost meme coin has suffered a monthly average loss of 1% in February since it launched in 2013. DOGE has had only four monthly green closes in February over the last twelve years.
