Phenomenal Ali Martinez, who shared his analysis on social media, examined the meme token, which rose after Twitter CEO Elon Musk changed the site logo to Dogecoin.
Unlike most experts, the crypto analyst made an interesting prediction using social media metrics. Examining the change in popularity around Dogecoin, Martinez predicted that DOGE price would correct itself based on historical data.
#Dogecoin | $DOGE has seen price corrections over the past year when daily social media mentions exceeded 13,000.
Following @elonmusk's recent Twitter stunt, #DOGE's social volume reached 15,000 — possibly signaling an upcoming price retracement. pic.twitter.com/oBSMOghCEe
— Ali (@ali_charts) April 5, 2023
"Dogecoin has seen a correction after bullish movements in which the social media popularity metric exceeded 13,000. A new correction is on the table, according to the metric that rose to 15,000 after Elon Musk made the Twitter logo DOGE."
According to the chart shared by Martinez, Dogecoin lost 44% after its movement in January 2022, and 55% in October-November.
Latest Situation in Dogecoin
The dog-themed cryptocurrency has gained nearly 22% since the start of the week.
DOGE, which was valued up to the $0.105 level after Elon Musk's posts on Monday, is trying to hold on to the $0.093 support after the upward movement. At this point, if the sellers prevail, a pullback to $0.078 could occur.
