The trading implications of Dowd’s tweet were significant for meme coin traders. The rapid price drop in DOGE led to a spike in short-selling activities, with the short interest in DOGE increasing by 30% within the hour following the tweet (Source: TradingView, February 10, 2025, 15:00 UTC). This suggests a bearish sentiment among traders, expecting further declines. On the other hand, the increased trading volume indicates heightened market activity, potentially creating opportunities for day traders. The DOGE/BTC trading pair saw a 6.5% decrease in value, reflecting the relative underperformance of DOGE against Bitcoin (Source: Binance, February 10, 2025, 14:45 UTC). Similarly, the DOGE/USDT pair on Kraken experienced a 7.1% drop, underscoring the widespread impact across different trading platforms (Source: Kraken, February 10, 2025, 14:45 UTC). The on-chain metrics showed a 25% increase in active DOGE addresses, suggesting a rise in market participation (Source: Glassnode, February 10, 2025, 15:00 UTC).
Technical indicators for DOGE at 14:45 UTC on February 10, 2025, revealed a bearish outlook. The Relative Strength Index (RSI) dropped to 35, indicating DOGE was entering oversold territory (Source: TradingView, February 10, 2025, 14:45 UTC). The Moving Average Convergence Divergence (MACD) showed a bearish crossover, with the MACD line crossing below the signal line, confirming the downward momentum (Source: TradingView, February 10, 2025, 14:45 UTC). The trading volume, as previously mentioned, surged by 45%, which, combined with the price drop, suggests a strong sell-off (Source: CoinGecko, February 10, 2025, 14:45 UTC). On-chain metrics further supported this, with the DOGE network’s transaction count increasing by 30% within the hour, reflecting heightened trading activity (Source: Glassnode, February 10, 2025, 15:00 UTC). The DOGE/USD pair on Coinbase showed similar trends, with a 7.2% price drop and a volume increase of 40% at 14:45 UTC (Source: Coinbase, February 10, 2025, 14:45 UTC).
