- Dogecoin price plunged 8.5% over the past seven days as the meme coin suffered a drop in the bloodbath.
- The meme coin’s creator started a petition for Twitter to add a Dogecoin tip jar on the social media platform.
- Analysts believe Dogecoin price is ready for a trend reversal, starting a relief rally.
Dogecoin creator Billy Markus started a petition asking social media platform Twitter to add a DOGE tip jar. Dogecoin price posted nearly 9% losses over the past week due to rising global tension.
Dogecoin could make a comeback with a relief rally
Billy Markus, the creator of the Dogecoin network, tweeted about a DOGE tipping jar. Markus has started a petition requesting the social media platform Twitter to add Dogecoin tipping and urged his followers to sign the petition and show their support.
Recently Tesla started accepting Dogecoin as payment for some of its merchandise. This helped boost the meme coin’s adoption and fueled demand consistently. Markus’s suggestion to add a Dogecoin tipping jar on Twitter could have a similar effect on the meme coin’s price.
Dogecoin has posted over 8% losses over the past week. Proponents believe that a revival in the meme coin’s demand could act as a catalyst for Dogecoin price.
The crypto data intelligence platform Doge Whale Alert notes that Dogecoin is hitting exchanges. There is a spike in the inflow of the meme coin to exchanges. Historically a spike in inflow indicates a rise in selling pressure and the subsequent drop in Dogecoin price.
FXStreet analysts evaluated where Dogecoin price is headed next and predicted that the meme coin is set for another rally. In a relief rally, the meme coin’s price is on track for a leg higher.