Max, the founder and Chief Executive Officer (CEO) of Because BTC, a crypto-focused company, has made headlines by announcing that he has sold all of his Dogecoin (DOGE) holdings to invest in Pepe tokens. This surprising move comes at a time when the Dogecoin price has experienced a significant decline of 9.8% from its previous high.
In a post on X (formerly Twitter), Max informed his 52,200 followers about his decision to divest from Dogecoin and go all-in on Pepe. The rationale behind this unexpected shift in investment strategy was based on the technical analysis of the DOGE.D and PEPE.D charts, which represent the market dominance of Dogecoin and Pepe, respectively.
Initially, Max had invested in Dogecoin due to a bullish pattern he observed on its chart, indicating strong potential for growth in the meme coin. The DOGE.D chart showed a massive upward movement, with the meme coin’s market dominance increasing by 2.15%. This surge in dominance corresponded with a sharp rise in the Dogecoin price, soaring from around $0.1 to $0.4 within a short period.
Looking ahead, Max sees a similar bullish outlook for Pepe as he witnessed for Dogecoin. The PEPE.D chart is currently forming a bull pattern similar to what was seen in DOGE, albeit a few weeks behind in terms of momentum. Anticipating a price surge in Pepe, Max has shifted his focus and investments towards this emerging meme coin, predicting that Pepe could soon surpass Dogecoin as the dominant player in the market.
On the other hand, the Dogecoin price has recently experienced a 9% decline after a significant surge of 233.47% in just one month. CoinMarketCap data shows that DOGE has dropped 9.2% in a day and is on a downward trajectory. Previously trading at a high of $0.4, the current price stands at $0.37, possibly due to market volatility and profit-taking activities.
Crypto analyst Ali Martinez pointed out that historically, when the MVRV crosses 78%, it often signals a market top for the Dogecoin price. He predicts a reset to 45.65% after the recent price correction, leaving room for Dogecoin to climb further in the future.
In conclusion, Max’s decision to switch from Dogecoin to Pepe reflects his confidence in the potential of the latter as a meme coin with promising growth prospects. As the crypto market continues to evolve and new trends emerge, it will be interesting to see how Pepe performs against established players like Dogecoin in the coming months.
