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Dogecoin trader explains why shorting DOGE now makes sense By Cointelegraph



Dogecoin trader explains why shorting DOGE now makes sense

Dogecoin (DOGE) has surged nearly 100% quarter-to-date (QTD) on hopes that Elon Musk would integrate the token onto the Twitter platform. However, DOGE’s potential to continue its uptrend in the coming weeks is low, one popular market analyst argues.

Independent, pseudonymous market analyst GCR said he is moderately short on DOGE based on its price’s recent reaction to a Musk tweet. Notably, DOGE formed a local top at $0.158 on Nov. 1. The same day, Musk shared a picture of his pet wearing a t-shirt with the Twitter logo.

three-day price chart. Source; TradingView
Dogecoin whale transaction count. Source: Santiment
Dogecoin supply distribution. Source: Santiment