The Cryptocurrency market is down in a big way today, with regulatory fears and bearish trading signals furthering the decline of Bitcoin (BTC-USD) and company. Dogecoin (DOGE-USD) has suffered immense losses, down -30% in the past week and -74% since Elon Musk’s SNL appearance. LikeFolio data suggests that the downtrend hasn’t ended.
Flagging investor enthusiasm has proven to be a strong bearish indicator for this meme currency. Since the 7-day moving average moved below the 30-day last month, the price has steadily declined.
With little utility aside from the promise of it "mooning", DOGE needs hype to survive and it's getting starved in the current environment.