Max, the founder and CEO of Because BTC, a cryptocurrency-focused company, has just revealed that he has sold all of his Dogecoin (DOGE) holdings to buy Pepe tokens. This surprising news comes amid a significant drop in the price of Dogecoin, which has fallen 9.8% from its previous high.
Crypto Founder Dumps DOGE for PEPE
In a post on X (formerly Twitter), Max announced to his 52,200 followers that he had sold all of his Dogecoin holdings and invested them all in Pepe. The crypto founder revealed that the reason for this sudden investment decision was due to technical analysis of the DOGE.D and PEPE.D charts, which showed the market dominance of DOGE and Pepe.
The analyst revealed that he initially invested in Dogecoin due to a bullish pattern he observed on its chart, which at the time indicated the strong growth potential of the meme coin. In the DOGE.D chart, Max revealed that the meme coin has undergone a strong rally, recording a 2.15% increase in its market dominance.
This increase in dominance coincides with DOGE’s recent price surge, as the meme coin skyrocketed from around $0.10 in late October to $0.40 at some point in November. During this period, Dogecoin achieved unprecedented growth in 2021, rising more than 80% in just one week.
Moving forward, Max revealed that he sees a similar bullish outlook for Pepe. He revealed that on the PEPE.D chart, the bullish pattern previously observed in DOGE is now forming for Pepe. In contrast to Dogecoin, which has been experiencing a bull run, the crypto founder explained that Pepe’s bullish momentum has slowed down over the past few weeks.
Anticipating this impending bull run, Max invested heavily in Pepe after closing his long position in Dogecoin. The crypto founder boldly predicted that Pepe could soon take the spotlight from DOGE as the most dominant meme coin. Furthermore, Max even called Pepe, which is currently trading at $0.000012, the new king of meme coins.
Dogecoin Price Drops 9%
After experiencing a 233.47% surge in a month, Dogecoin is experiencing a sudden drop. CoinMarketCap data shows that DOGE has dropped 9.2% in just one day and appears to be in a sustained downtrend.
Not long ago, the cryptocurrency was trading at a high of $0.40 after gaining more than 80% in a week. Currently, the DOGE price has dropped to $0.37, possibly due to market volatility and profit-taking.
Crypto analyst Ali Martinez revealed in a post on X that historically, when MVRV crosses 78%, it usually signals a market top for Dogecoin price. He predicted that MVRV will reset to 45.65% after today's price correction, giving Dogecoin more room to rally.
