Max, the CEO and founder of the crypto-centric company Because BTC, has just made a bold move, swapping his Dogecoin (DOGE) holdings for Pepe tokens. This unexpected decision comes in the wake of a substantial dip in Dogecoinās value, which has recently dropped by 9.8% from its previous high. With the Dogecoin market showing signs of fatigue, Maxās switch has sparked conversations across the crypto space.
In a recent post on X (formerly Twitter), Max informed his 52,200 followers about the shift, revealing that he sold his entire Dogecoin position to dive into Pepe. His decision, he explained, is rooted in technical analysis of the DOGE.D and PEPE.D charts, which track the dominance of DOGE and Pepe in the market, respectively. Initially, Max had been drawn to Dogecoin due to a bullish pattern he noticed on its chartāa signal of potential upward momentum. Indeed, DOGE saw a significant boost in market dominance, increasing by 2.15%, which coincided with its recent price rally from around $0.1 in October to a high of $0.4 in early November. This impressive growth marked Dogecoinās biggest surge since 2021, with an 80% gain in just one week.
However, Max now sees a similar bullish setup forming in Pepeās market chart. While Dogecoin has already experienced its spike, Max believes that Pepeās rally is still in the early stages. His analysis of the PEPE.D chart suggests that the bullish trend seen in Dogecoin is just beginning to take shape for Pepe, and he anticipates that the token's value may soon surge as DOGE did. Driven by this outlook, Max has closed his Dogecoin position and poured his investment into Pepe, declaring the token, currently priced at $0.000012, as the next leader among meme coins.
As for Dogecoin, after a staggering 233.47% increase over the past month, its price is now retracing. According to CoinMarketCap, DOGEās value has slid by 9.2% within the last 24 hours, likely impacted by market fluctuations and profit-taking. Recently, the coin hit a peak at $0.4 but has since corrected to $0.37. Crypto analyst Ali Martinez pointed out on X that historically, a Market Value to Realized Value (MVRV) ratio above 78% often signals a top for DOGE, predicting that the MVRV might stabilize at 45.65% after this correctionāpotentially setting the stage for further price increases.
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