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:

Source: Sanbase

We might also observe this as a strong spike on the social volume chart:

Source: Sanbase

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:

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