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Dogecoin price risks a 60% crash as a rare risky pattern forms

Dogecoin price has crashed in the past few months, and this trend may continue as the rare death cross pattern nears. 

Dogecoin doge-10.51%Dogecoin token retreated to a low of $0.019 on Sunday, its lowest level since November 7 last year. It has plunged by over 60% from its highest level in November. 

Dogecoin’s crash has mirrored the performance of other meme coins, most of which have plunged in the past few months. Popular tokens like Shiba Inu, Pepe, and Dogwifhat are down by over 50%. 

It has also dropped as Elon Musk, a key backer for the memecoin, has come under intense pressure this year. Bloomberg data shows that Musk’s net worth has dropped by $103 billion this year, bringing his worth to $330 billion.