Dogecoin Vaporizes 37% Of Its Value In A Week: Is This Really 'Just A Few Months Of Chop Before Full Send' As Trader Claims?

Dogecoin's DOGE/USD freefall amid a wider market downturn did not discourage traders from predicting an eventual resumption of the bull market for the apex meme coin.

What Happened: Crypto trader Kaleo sees a high possibility of one last flush below $0.07, as price is currently around support areas set in July. Following that, the trader sees “just a few months of chop before a full send” to $1.

#Dogecoin / $DOGE

Finally got the break back beneath ten cents.

Price is currently hanging around support from the lows we saw last month.

Still see there being a decent chance we get one last flush to sub 7 cents from here.

After that – no more pain. Just a few months of… pic.twitter.com/TUoCucAJOy
— K A L E O (@CryptoKaleo) August 5, 2024

A Doge community member suggests not to panic and act in haste, as volatility and crashes are common in crypto. He adds, "if you are holding a (still) significant amount of crypto, make sure to begin the process of understanding how self-custody works."

Also Read: Dogecoin ‘Attempting A Breakout:’ These Are The Price Points To Watch

Why It Matters: IntoTheBlock data shows large transaction volume increased by 6.1% in the past 24 hours, while daily active addresses declined by 3.4%. Transactions greater than $100,000 spiked from 182 transactions on August 3 to 257 transactions on August 4. Exchange netflows decreased by 736.2%.

Dogecoin is down 37% in the last seven days, cutting holders in profit to 55%.

Whale Alert data noted 117.5 million DOGE, worth $11 million, were transferred from an unknown wallet to Robinhood.

Dogecoin is also scheduled to receive a significant security update with the release of Dogecoin Core 1.14.8 which focusses on enhancing the reproducibility of the compilation process. This will boost the network's security and reliability.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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