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Max, the founder and Chief Executive Officer (CEO) of Because BTC, a crypto-focused company, has just disclosed that he has sold off his Dogecoin (DOGE) holdings to buy Pepe tokens. This surprising news comes amid a significant decline in the Dogecoin price, which has fallen 9.8% from its previous high.
Crypto Founder Dumps DOGE For PEPE
In an X (formerly Twitter) post, Max announced to his 52,200 followers that he had sold all of his Dogecoin holdings and invested fully in Pepe. The crypto founder revealed that the reason for this unexpected investment decision is due to the technical analysis of the DOGE.D and PEPE.D charts, which represent the market dominance of DOGE and Pepe, respectively.
Source: X
The analyst disclosed that he had initially invested in Dogecoin due to a bullish pattern he observed on its chart, which at the time suggested a strong potential for growth in the meme coin. In the DOGE.D chart, Max revealed that the meme coin had experienced a massive upward movement, recording a 2.15% increase in its market dominance.
This increase in dominance coincides with the recent spike in the DOGE price, which saw the meme coin skyrocketing from around the $0.1 mark at the end of October to $0.4 at some point in November. During this period, Dogecoin experienced gains not seen since 2021, jumping by more than 80% in just one week.
Moving ahead, Max has revealed that he sees a similar bullish outlook for Pepe. He disclosed that in the PEPE.D chart, the previous bull pattern observed in DOGE is currently forming for Pepe. In contrast to Dogecoin which has experienced a price rally, the crypto founder explained that Pepe’s bullish momentum was a few weeks behind.
Anticipating this impending price surge, Max has invested heavily in Pepe after closing his long position in Dogecoin. The crypto founder boldly predicts that Pepe could soon take the spotlight from DOGE as the most dominant meme coin. Moreover, Max has even dubbed Pepe, currently trading at $0.000012, the new king of meme coins.
Dogecoin Price Sees 9% Decline
After experiencing a massive 233.47% surge in one month, the Dogecoin price is experiencing an unexpected decline. CoinMarketCap’s data reveals that DOGE has dropped 9.2% in just one day and appears to be on a continuous downtrend.
Not too long ago, the cryptocurrency was trading at a price high of $0.4 after surging by more than 80% in one week. Now, the DOGE price has dropped to $0.37, possibly due to market volatility and profit taking.
Source: X
Crypto analyst Ali Martinez revealed in an X post that historically, when the MVRV crosses 78%, it typically signals a market top for the Dogecoin price. He has predicted that the MVRV will reset to 45.65% after today’s price correction, leaving more room for Dogecoin to climb.
Featured image created with Dall.E, chart from Tradingview.com
