The crypto-verse has witnessed an array of lawsuits over the last year. This includes the $258 billion lawsuit against Elon Musk for “running a pyramid scheme to promote Dogecoin.” While these charges came in June 2022, they surfaced again after Musk’s lawyers sought the dismissal of the suit recently. As the Judge is yet to give out a verdict, the largest meme coin’s price recorded a massive fall.
The entire cryptocurrency market was undergoing a slight correction. However, Dogecoin was taking a bigger hit than the others. The asset was trading for $0.0783 with a 7% daily drop, at press time.
As seen in the above chart, the meme coin was exhibiting a lot of bearish actions. The Parabolic SAR indicator used in the chart formed dotted lines above the candlesticks indicating resistance to any possible uptrend. A major downfall could be evaded by DOGE thanks to its prominent support line at $0.0726 and $0.0702.
Additionally, the Relative Strength Index [RSI] indicator noted how DOGE dipped from the overbought zone on April 2. Currently, the asset resides at around 50 median which signifies no major buying or selling activity.
Dogecoin: The most popular meme coin
According to Lunar Crush, Dogecoin has been declared the most popular meme coin in terms of social volume over the past week. This could have been due to the lawsuit and the asset’s recent plummet. Shiba Inu [SHIB] and Baby Doge took over the second and third places.
Despite the asset’s downfall, the number of long-term holders of Dogecoin was seen expanding their holdings. Data from IntoTheBlock highlighted that addresses that have held DOGE for from than a year now entail a whopping 44,800,000,000 DOGE worth over $3.76 billion.
The quantity of DOGE presently owned by long-term holders is at its greatest level since October 2021. This was when Dogecoin was trading at about $0.30.