Famous analyst Peter Brandt shared the chart model for the DOGE forecast, saying, “Here we go around the Mulberry Tree.” The popular meme coin Dogecoin has reached a new milestone with the biggest whales on Binance. Meanwhile, Robinhood has revealed how much Dogecoin it is holding for its clients.
Peter Brandt’s DOGE prediction
The analyst’s odd name for the fitting pattern refers to a popular English nursery rhyme for kids. It is meant to be sung while the children dance in a circle. The lyrics describe a group of children walking around a mulberry tree doing various activities, such as collecting water and doing laundry.
In this context, Peter Brandt argues that Dogecoin is currently in the middle of a ’round trip’. This means that losses come after price increases. The metaphor here is that DOGE can’t move forward because it keeps running in circles.
Source: Peter Brandt
The price of Dogecoin fell once again on Monday after Tesla CEO Elon Musk conducted a survey of Twitter users to decide whether to stay at the head of the social media platform. As such, Dogecoin remains sensitive to Musk-related moves.
As you follow on Kriptokoin.com, the most popular meme coin has had a fantastic journey in the last two years. DOGE recorded tremendous gains in early 2021. However, it later fell 90.14% from the all-time high it reached last May. Higher interest rates have caused investors to turn away from risky cryptocurrencies like Dogecoin. Also, investors have turned to more traditional investments. However, the meme coin is still worth $9.9 billion.
Robinhood holds 30% of DOGE’s supply
Popular trading app Robinhood is keeping a solid amount of meme coin DOGE in its wallets on behalf of its investors, according to a recent DogeWhaleAlert post. The data shows that investors are holding 38,439,544,979 DOGEs worth $3,000,744,639 on the platform. This accounts for roughly 28% of the current DOGE supply circulating in the market.
Apart from that, the meme coin has emerged as one of the most used smart contracts on Binance for the top 1,000 token holders in the last 24 hours.
DOGE price reacted to Elon Musk’s tweet
Twitter’s new boss, billionaire Elon Musk, launched a poll on his Twitter account. The chief of the media platform asked users if they wanted him to leave his social position. The majority voted “yes” (57 percent).
After that, Dogecoin, which Elon Musk has been a fan of for the past few years, took a hit. Thus, DOGE entered the red zone. It has lost 1.85% in the last 24 hours. Also, the loss in the price of the coin last week was 13.63%. When starting the survey, Musk stated that he would abide by the results and would leave if users asked him to do so. Now the question is whether he will keep his word.