Dogecoin Price Plummets as Founder Billy Markus Reacts to Market Crash: Can the Bulls Bounce Back to $0.78?

Highlights:

• Dogecoin’s price has fallen 18% in the last 24 hours, trading at $0.2855
• Billy Markus, co-founder of Dogecoin, sarcastically commented on the market’s downturn.
• Markus poked fun at the popular “WAGMI” (We’re All Gonna Make It) crypto slogan, using it ironically.

The Dogecoin price has plummeted  18% in the last 24 hours to trade at $0.2855 as of 5 a.m. EST on a 61% pump in trading volume to $10.9 billion. This plunge in DOGE price comes while Billy Markus, co-founder of Dogecoin and better known on social media by his pen name Shibetoshi Nakamoto, expressed his opinion on the steep declines in the prices of major cryptocurrencies like Bitcoin, Ethereum, and even his own creation, Dogecoin.

The declines were part of a broader market sell-off within the last 24 hours. Known for his irreverent and often sarcastic takes on crypto’s ups and downs, Markus did not hold back in this latest reaction.

SO GLAD I QUIT MY JOB pic.twitter.com/5GDztFIJal

— Shibetoshi Nakamoto (@BillyM2k) December 19, 2024

Markus took to X, formerly Twitter, where he posted a chart showing the drastic price falls of Bitcoin, Ethereum, and Dogecoin-three of the most important cryptocurrencies in the market, including one he co-created. In the tweet accompanying the chart, Markus wrote in all capital letters, “SO GLAD I QUIT MY JOB,” referring to his decision to step away from the cryptocurrency space after creating Dogecoin in 2013.

Dogecoin Statistics

• Dogecoin price: $0.2855
• Market capitalization: $43 billion
• Trading volume: $10.9 billion
• Circulating supply: 147 billion
• Total supply: 147 billion

Dogecoin Price May Continue the Downtrend

The price of Dogecoin is trading at $0.2855, which is a loss in value and further establishes the continuity of the bearish trend. This price drop is also in tandem with the parabolic curve seen in the chart, indicating a full-blown sell-off phase. The price is now well below the key moving averages, with the 50 SMA at $0.3489 and the 200 SMA at $0.3894.

These moving averages have actually started to act as dynamic resistances; because of this, the price recovery may be tough for short-term time frames. The growing difference between the current price and those moving averages is evidence of strong bearish pressure. The resistance zone between $0.36 and $0.39, where price rejections occurred in the past, is notable. This area will be a strong barrier to any attempt to recover.

Moreover, the MACD shows a strong bearish bias, with the histogram printing deep red bars and the MACD line diverging below the signal line. This structure indicates a lack of bullish momentum and further declines if selling pressure persists.

To add to the bearishness, the Relative Strength Index (RSI) is currently at 23.87, a level at which DOGE/USD is firmly in oversold territory. While an RSI this low does indeed signal a possible technical rebound, any recovery is likely to meet resistance around $0.30–$0.32. The immediate support level for a close eye is $0.28, and a breakdown beneath this might well open the barriers to more declines toward another major support at $0.25.

Will the Oversold RSI Spark a Relief Rally?

The Dogecoin price action remains bearish, as this price continues to trade comfortably under both its short—and long-term moving averages. The sharp downward slope of the parabolic curve further corroborates that sellers have already taken clear control of this market. Traders shall be very cautious since the absence of any bullish triggers and overall market sentiment might continue to put downward pressure on the prices.

However, if the oversold RSI attracts buying interest,there is a possibility of a short-term relief rally, but it is unlikely to break above the resistance zone without significant fundamental or technical changes. For now, the bearish trend remains intact, and DOGE/USD is poised to test lower levels unless sentiment shifts dramatically.