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Australia’s Central Bank Discredits Popular Dogecoin Ownership Studies

According to Tony Richards, Head of Payments Policy at the Reserve Bank of Australia (RBI), the assumption that 5% of the local population is Dogecoin owners has been exaggerated. He doesn’t think cryptocurrencies pose a threat to Australia’s currency or its financial system. There are not many Crypto Investors in Australia. The results of a…

According to Tony Richards, Head of Payments Policy at the Reserve Bank of Australia (RBI), the assumption that 5% of the local population is Dogecoin owners has been exaggerated.

He doesn’t think cryptocurrencies pose a threat to Australia’s currency or its financial system.

There are not many

Crypto Investors in Australia.

The results of a recent survey revealed that one in every six Aussies is a cryptocurrency holder. Looking at all the digital assets, Bitcoin is the most widely used. 9% of locals have made investments in it. Ether (ETH), however, is close at 8%. The third place was held by Dogecoin (DOGE), a popular memecoin that 5% of respondents admitted to having been exposed to.

But Tony Richards, Australia’s top executive of the central bank, finds the data misleading. In a press conference, he said that the survey was conducted online, and as such, it missed important factors like demographic segments of the population – most notably older people who predominantly do not invest in cryptocurrencies.

People from rural areas and people without access to the Internet couldn’t attend the research, the executive said. Richards doesn’t believe bitcoin and altcoins are very popular in Australia.

“I can’t see shops posting their prices in cryptocurrencies or companies doing their annual reports in cryptocurrencies or lots of people wanting to get paid in cryptocurrencies.”

Despite claiming that the survey’s results are wrong, the bank’s official admitted he’d been a digital asset owner himself since 2014. The Australian explained that he joined the crypto wave to better understand the asset class:

“After all, part of my job is to try to understand new payment instruments and technologies.”

Tony Richards
Tony Richards, Source: Central Banking

Digital Assets are No Threat to The Dollar

Richards claimed that alternative coins and bitcoin have not reached a point where they could be more dominant than Australia’s national currency. They are not a threat to the nation’s sovereignty monetary system or the ability of the Reserve Bank to carry out fiscal policy.

He also noted that many investors believe digital assets will play an important role in the future financial market.

Recently,

Allianz Chief Economic Advisor Mohamed El-Erian shared similar thoughts. He opined that bitcoin could not replace the dominance of the US dollar:

” I think it will exist in the ecosystem but it is not going to replace the dollar. It’s not going to replace the dollar.”

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Doge

Top Dogecoin (DOGE) Price Predictions as of Late

TL;DR Analysts predict Dogecoin could hit $2.20 to $4, with KALEO calling the current range a prime buying zone. Elon Musk’s leadership of the Department of Government Efficiency (D.O.G.E.) has fueled speculation that the meme coin could benefit from certain associations, especially after the agency briefly featured DOGE’s logo on its website. DOGE to Chart…

TL;DR

  • Analysts predict Dogecoin could hit $2.20 to $4, with KALEO calling the current range a prime buying zone.
  • Elon Musk’s leadership of the Department of Government Efficiency (D.O.G.E.) has fueled speculation that the meme coin could benefit from certain associations, especially after the agency briefly featured DOGE’s logo on its website.

DOGE to Chart Substantial Gains Soon?

The biggest meme coin in terms of market capitalization has recorded a choppy performance in the last several weeks. Despite charting a 5% increase on a daily scale, the price remains 20% below the levels observed a month ago. 

Most recently, DOGE has been hovering around $0.25 – $0.26, which, according to the popular X user KALEO, is a perfect buying zone.

Buy $DOGE at twenty five cents and chill.

— K A L E O (@CryptoKaleo) February 10, 2025

Other well-known analysts who outlined predictions include Ali Martinez and Trader Tardigrade. The former claimed that the meme coin remains on a bullish path that could eventually result in a new all-time high of $4.

Trader Tardigrade observed Dogecoin’s previous cycles to estimate that it is currently “in the middle of the DOGE season.” The market observer believes that the peak of the phase could occur at a price of around $2.20.

“Take it seriously. You can’t chase it once it starts moving,” they added.

Whales and D.O.G.E.

The whales’ activity is a key element that could affect the market performance of the meme coin. Last week, large investors accumulated millions of DOGE, reducing the circulating supply and signaling confidence in the asset. The actions of the whales could also be mimicked by smaller players who might inject fresh capital into the ecosystem.

The establishment of the Department of Government Efficiency (D.O.G.E.) is worth mentioning, too. The agency, spearheaded by Elon Musk, aims to maximize governmental efficiency and eliminate unnecessary spending. However, its abbreviation is the same as that of the meme coin, and DOGE proponents have raised hopes that the connection could benefit their favorite token.

Last month, the price of the asset exploded by double digits shortly after the department featured Dogecoin’s logo on its official website. It was later removed, but future involvements with the asset may have implications for its value again.

Meanwhile, Musk is a keen advocate of the meme coin, often praising its merits and influencing short-term price spikes. 

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Dogecoin Whales Go on a Selling Spree: More Pain Ahead for DOGE?

TL;DR Large holders offloaded 270 million DOGE ($70M) in the last 24 hours, increasing supply and signaling potential further declines if demand doesn’t keep up. However, some analysts predicted a possible recovery based on DOGE’s historical patterns. DOGE Bleeds Heavily Donald Trump’s latest actions have seemingly had a crushing effect on the cryptocurrency sector. Recall…

TL;DR

  • Large holders offloaded 270 million DOGE ($70M) in the last 24 hours, increasing supply and signaling potential further declines if demand doesn’t keep up.
  • However, some analysts predicted a possible recovery based on DOGE’s historical patterns.

DOGE Bleeds Heavily

Donald Trump’s latest actions have seemingly had a crushing effect on the cryptocurrency sector. Recall that the US president imposed hefty tariffs on China, Canada, and Mexico, followed by a brutal correction for most leading digital assets. 

The OG meme coin – Dogecoin (DOGE) – was among the worst affected, with its price falling to as low as $0.21 (per CoinGecko’s data). As of this writing, it trades at approximately $0.25, a 16% daily decrease. 

DOGE Price
DOGE Price, Source: CoinGecko

While the bulls hope this will be a temporary correction that can be followed by another rally, some metrics suggest that the bears might prevail in the short term.

The popular analyst Ali Martinez revealed on X that whales have sold 270 million DOGE (worth almost $70 million at current rates) in the last 24 hours. Actions of that type increase the circulating supply of the asset, meaning the price could head south (assuming demand doesn’t catch up the pace). Additionally, smaller players might interpret this as a worrying sign and join the sell-off.

Several hours ago, Martinez noted that DOGE experienced a bearish crossover between the Market Value to Realized Value (MVRV) ratio and its 30-day Simple Moving Average. According to him, this signals “a steep price correction ahead.”

DOGE Price Predictions

Despite the crash, multiple market observers remain optimistic that the meme coin could return to the green track soon. One example is the X user Trader Tardigrade, who envisioned a major resurgence based on the asset’s historical performance.

“In the 2016 pullback, DOGE retraced 59.76%, followed by a +9,221% bull run. In the 2020 pullback, DOGE retraced 56.2%, followed by a +30,693% bull run. When in doubt, check the macro chart,” the analyst said.

KALEO and Crypto Tony chipped in, too. The former described the current price level as “a solid entry and practically free compared to where we’ll see it a few months from now.” 

For their part, Crypto Tony claimed they are waiting for a potential push to $0.34 so they can hop on the bandwagon as an investor.

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Dogecoin’s Price Sinks 15% in 2 Days—Is a Bigger Crash Coming?

TL:DR; Dogecoin’s price troubles continued in the past few hours as the asset tumbled to its lowest price point in over a month. This comes amid some reports by a popular analyst that the largest meme coin’s crash could further worsen in the following days and weeks. DOGEUSD. Source: TradingView Perhaps driven by the macroeconomic…

TL:DR;

  • Dogecoin’s price troubles continued in the past few hours as the asset tumbled to its lowest price point in over a month.
  • This comes amid some reports by a popular analyst that the largest meme coin’s crash could further worsen in the following days and weeks.
DOGEUSD. Source: TradingView
DOGEUSD. Source: TradingView

Perhaps driven by the macroeconomic uncertainty following Trump’s latest tariff orders, the cryptocurrency market turned red starting on Saturday night, and it lost over $150 billion of its capitalization within that timeframe.

The enhanced volatility has harmed the altcoins the most, and meme coins are once again at the forefront of the daily losses.

The leader of their field, Dogecoin, was not sparred as its price lost the $0.3 support and dumped below $0.29 earlier today for the first time since December 20. This meant that the OG meme token is down by 10% in the past 24 hours and more than 15% since Friday when it peaked at over $0.34.

Ali Martinez told his 120,000 followers on X that DOGE had experienced a bearish crossover between the Market Value to Realized Value (MVRV) ratio and its 30-day Simple Moving Average. Consequently, the analyst predicted that DOGE’s price could face a ‘steep’ correction in the following weeks.

#Dogecoin $DOGE just experienced a bearish crossover between the MVRV Ratio and its 30-day SMA, signaling a steep price correction ahead. pic.twitter.com/PVdilYgrhg

— Ali (@ali_charts) February 2, 2025

The original meme coin became one of the top crypto performers since the US election, perhaps due to its connection to Elon Musk and his role in the Trump administration. However, the current political and macro uncertainty following Trump’s latest actions seems to have affected DOGE a lot harder than many other alts.

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