The post Are Crypto Traders dumping DOGE for Trump Memes? appeared on BitcoinEthereumNews.com.

Dogecoin price tumbled towards $0.35 on Saturday, declined 6% in 4 consecutive days of losses. Market data analysis reveals 3 reasons DOGE struggles for traction since Trump launched official memes on the Solana blockchain. Why Crypto Traders are Crypto dumping Dogecoin (DOGE) at $0.40  Dogecoin (DOGE) price tumbled towards $0.35 on Saturday, January 25, down 20% within the 7-day timeframe. Market data analysis reveals key reasons DOGE traders are taking on a bearish outlook this week. Profit-Taking Following Trump’s Inauguration Leading up to President Trump’s inauguration on January 20, 2025, DOGE saw a significant rally, surging from $0.10 to $0.40—a 300% increase. This surge was largely driven by market optimism surrounding Trump’s pro-cryptocurrency stance and the appointment of Elon Musk to lead the newly established Department of Government Efficiency (D.O.G.E). The inauguration served as a catalyst for profit-taking, with many investors liquidating their positions to realize gains, contributing to the recent price decline. Dogecoin Price Action DOGE price has experienced a 20% decline over the past week, trading around $0.35 as of January 25, 2025. This downturn coincides with the introduction of new memecoins associated with President Donald Trump on the Solana blockchain.2. 2. Emergence of Trump’s Memecoins on Solana On January 18, 2025, President Trump announced the launch of the $TRUMP token on the Solana blockchain. The token quickly gained traction, reaching a market capitalization exceeding $10 billion shortly after its release. Trump Launches Official Memecoins, January 20 | Source: X.com The rapid ascent of $TRUMP and similar tokens has diverted investor attention and capital away from DOGE, leading to decreased demand and downward price pressure on Dogecoin. 3. Concerns Over Political Associations The establishment of the Department of Government Efficiency (D.O.G.E) and its association with Dogecoin has introduced political considerations for investors. Some market participants are cautious about…

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Filed under: News - @ January 26, 2025 1:20 am