Dogecoin: Longs in Danger
Dogecoin is on fire today, gaining almost +20% and becoming top-1 mentioned coin in Top Social Trends. The reason is Elon Musk changing the Twitter logo to Doge. A glimpse on how dominant the whole topic was on Tuesday is below:
![](https://production-sanbase-images.s3.amazonaws.com/uploads/1de6a4df1194585fa43f1383b9d5a885b0751d07eaf0459406abeaf84babc4ad_1680630699449_screenshot-nimbusweb.me-2023.04.04-19_50_09.png)
We might also observe this as a strong spike on the social volume chart:
![](https://production-sanbase-images.s3.amazonaws.com/uploads/c662b8b34bb73e89307e8ccd4f06fa597639462609a085e241998912d7cce878_1680631153723_Screenshot%202023-04-04%20at%2019.58.49.png)
And this seems to be quite a bearish sign because of the following as well:
1. Historically a coin on top of social trends is almost done, we've proved it here:
2. A DOGE pump itself is often a leading indicator to a market correction:
https://insights.santiment.net/read/doge-a-perfect-leading-indicator-7122
Thanks for reading!
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