TL;DR

• DOGE is down

• SHIB is down

• MAGA Memecoin Soars Amid Trump Inauguration

• Shiba Inu’s Rally Potential Amid Whale Activity

• Doge Meme in U.S. Senate Sparks Reactions

• Robinhood Wallet Dominates Dogecoin Holdings

• Vitalik Buterin’s $1M Meme Coin Donation

• Bitcoin Dominance Faces Challenge: Memecoins vs. Altcoins

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Dogecoin Price

Crypto is down this week, with DOGE being down 4.48% and SHIB down 6.71%:

Dogecoin (DOGE) Weekly Analysis

The cryptocurrency market has entered a turbulent phase, with Dogecoin among the hardest hit, experiencing a sharp 21% drop over the past two days. Broader economic concerns and volatile market conditions have contributed to this downturn, impacting major tokens like Bitcoin and Ethereum.

After starting the year positively, Dogecoin saw its price peak near $0.40 before plummeting to $0.314 as of Thursday. Bitcoin mirrored this decline, dropping from over $100,000 to lows of $91,250 within three days, signaling widespread bearish sentiment across the crypto ecosystem.

The downturn aligns with the release of mixed economic data, which tempered expectations for potential interest rate cuts. Federal Reserve statements about inflation control further fueled investor anxiety, prompting withdrawals of $569 million from Bitcoin ETFs and $159 million from Ethereum ETFs.

The sell-off underscores cautious investor behavior, with many liquidating positions to mitigate risk. This trend has heightened market instability, creating a challenging environment for traders navigating these fluctuations.

Outlook for Recovery

The path forward remains uncertain. While short-term volatility is expected, a long-term recovery could hinge on improved economic stability and investor confidence. Strategic risk management will be critical as the market seeks equilibrium.

As the cryptocurrency market navigates this turbulent period, the focus remains on whether Dogecoin and Bitcoin can rebound or if the downturn signals a sustained bearish trend.

Financial News

MAGA Memecoin Soars Amid Trump Inauguration

MAGA memecoin surged by 42% in 24 hours, driven by anticipation surrounding Donald Trump’s inauguration and his pro-crypto stance. Whale investors own 52.4% of the token, highlighting significant interest. Trading at $3.58, MAGA’s market capitalization is $163 million, with $53 million in daily volume.

While the token has gained 124% in the past week, technical indicators show it must overcome key resistance levels to confirm a bullish breakout. A failure to break through could lead to a dip to $1.32, but strong whale support suggests potential for future growth.

SPX6900 Hits $1.5B Market Cap

SPX6900, a meme coin running on the Ethereum blockchain, has surpassed a $1.5 billion market cap for the first time on January 7, 2025. The token’s trading volume exceeded $95 million, reflecting growing investor interest. SPX6900 has seen bullish momentum, supported by favorable technical indicators like the MACD, which shows sustained buying pressure.

The token’s open interest in futures has surpassed $65 million, indicating increasing trader sentiment. With a rising number of holders and continued market enthusiasm, SPX6900 stands as one of the top-performing assets in early 2025, symbolizing the growing appeal of meme coins.

Impact of Whale Dump on PEPE Memecoin

A whale recently sold 217 billion PEPE tokens worth $4.54 million, securing a $767k profit. Despite a 13.07% rise in PEPE’s value over the past week, this sale caused a 1.51% decline in the coin’s price, bringing it to $0.00002049.

The broader market sentiment remains bearish, with indicators like the Directional Movement Index (DMI) and Advance-Decline Ratio (ADR) signaling downward pressure. Short positions dominate the market, and the stock-to-flow ratio dropping to zero highlights oversupply. While a reversal could push PEPE to $0.000021, the current trend suggests further declines, possibly to $0.000019.

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