"Dogecoin Plunges $5B, Hoskinson's Plan Could Spark 5x Rally"

Dogecoin (DOGE), the popular meme-based cryptocurrency, has experienced a significant market capitalization loss of over $5 billion in a single day due to a massive selloff across the crypto market. At the time of writing, DOGE is trading at $0.18, following a 14% drop in the past 24 hours. As market sentiment shifts towards fear, investors are wondering if a proposal by Cardano founder Charles Hoskinson could help Dogecoin's price rally by a factor of five.

In a recent post, Hoskinson offered to help Elon Musk with a roadmap to integrate DOGE payments on X. He suggested that if DOGE were to follow the "Bitcoin 2 roadmap," it could become the standard currency at the X platform. Hoskinson also teased the Dogecoin community by stating that he would help upgrade the blockchain to support the Grok AI model and process DOGE payments. He even mentioned adding quantum resistance to the mix.

Musk has previously hinted at the idea of DOGE payments on X, but these plans have not yet been realized. However, Musk has already endorsed the meme coin as a means of payment at Tesla. If the same were replicated on X, it could potentially spark a bullish rally for DOGE.

Dogecoin price analysis suggests that the cryptocurrency is ready for a 5x rally after completing a rounding bottom pattern. After witnessing a parabolic rally in late 2024, DOGE breached resistance at the neckline of this pattern and flipped it into support. The cryptocurrency is currently retreating to retest this support after selling pressure across the broader market pushed prices lower. If it can successfully defend this support level, it could trigger a 266% price rally to $0.65, resulting in an over 5x gain from its current price.

The CMF indicator is positive despite the crypto market retreating, making it likely that buyers can defend this support if the selling pressure cools. The ADX line is also tipping south, showing weakening momentum. This setup suggests that the Dogecoin price can successfully defend this support level. However, the ability of DOGE to bounce from this support level again is contingent on the broader crypto market recovering.

In conclusion, while the Dogecoin price has experienced a significant drop, there is potential