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DOGE price drops 8%, shows signs of heading towards 0.21 cents

July 31 to August 1

- 8% Drop: DOGE fell from $0.22 to $0.21, with a trading range of $0.20 to $0.23.

- High Volume: Trading volume has risen to 1.25B DOGE (vs. 365M on average), indicating heavy settlement activity.

- Failed Breakout: Resistance at $0.23 remains strong, while $0.21 has emerged as short-term support.

Institutional Activity

- 310M DOGE Accumulated: Large wallets bought during the decline, indicating institutional interest.

- Bit Origin’s $500M Diversification: Added 40M DOGE to its treasury, signaling the

company’s

confidence.

Market Drivers & What to Watch

- Macro Risk: Crypto markets remain pressured by inflation and Fed rate uncertainty.

-Key Levels: Holding $0.20–$0.21 is important. A break above $0.23 could signal a recovery.

- Institutional Demand: Continued upside could provide bullish momentum.

What impact does the coin’s price drop have on the crypto market? And could it see a price increase by the end of August?

Impact of DOGE’s Drop on Crypto Market:

- A sharp decline in DOGE (an influential meme coin) can weaken short-term sentiment, especially in altcoins.

- However, since DOGE is not a major market driver like Bitcoin, its drop alone won’t crash the broader crypto market.

Possible Price Increased by End of August?

- Yes, if:

- Bitcoin and crypto markets rebound from macro pressures (Fed rates, inflation).

- Institutional accumulation (310M DOGE bought during dip) leads to demand.

- Meme coin hype returns (e.g., Elon Musk tweets, exchange listings).

-No, if:

- The market stays bearish and DOGE loses $0.20 support.

- Low trading volume persists, indicating weak momentum.

DOGE could recover by August if market conditions improve, but it depends heavily on Bitcoin’s trend and meme coin speculation.