On February 7, 2025, the participation of Dave Portnoy in several pumps and Duper of Cryptocurrency with low capitalization, followed by his confession on a VLOG, was suggested to signify the end of the same supercycle. According to Kook Capital LLC on Twitter, this event has marked a critical point in the dynamics of the same market (KookCapitalc, 2025). On this date, the Dogecoin price (DOGE) fell 12% from $ 0.15 to $ 0.132 between 2:00 p.m. and 4:00 p.m. UTC, as indicated by CoinmarketCap (CoinmarketCap, 2025). Similarly, Shiba Inu (SCH) experienced a drop of 15% from $ 0.000012 to $ 0.0000102 on the same calendar (Coingecko, 2025). The negotiation volume for DOGE increased to 5.2 billion tokens, an increase of 30% compared to the volume of 4 billion tokens of the day before, indicating an increased reaction of the market to news (tradingView, 2025). For SHIB, the trading volume increased by 25%, by 2 billions to 2.5 billions of tokens during the same period (cryptocurrency, 2025). This event highlights the fragility of the same markets and their sensitivity to the actions of influential figures.
The commercial implications of the actions of Dave Portnoy and the subsequent confession are important. The Doge / BTC trading pair experienced a decrease from 0.0000021 BTC to 0.0000018 BTC between 2:00 p.m. and 4:00 p.m. UTC on February 7, 2025, reflecting a drop of 14.3% value compared to Bitcoin (Binance, 2025) . The Shib / ETH pair also decreased by 12.5%, going from 0.0000000016 ETH to 0.00000014 ETH during the same period (Kraken, 2025). These changes in trading pairs suggest a broader feeling of the same market. Channel metrics also put this trend, active addresses for Doge decreasing by 10% from 1.2 million to 1.08 million, and active Shibs addresses falling from 8% from 800,000 to 736,000 between 2:00 p.m. and 4:00 p.m. UTC (Glassnode, 2025). The reaction of the market to the confession of Portnoy indicates a potential loss of confidence in mecoins, which could lead to an extended downward trend for these assets.
Technical indicators and trading volume data provide additional information on the market response to news. The relative force index (RSI) for DOGE increased from 65 to 50 within 2 p.m. to 4:00 p.m. UTC on February 7, 2025, reporting a movement to occurrence conditions (TradingView, 2025). The SHIB RSI also increased from 60 to 48 over the same period, suggesting similar market conditions (Coigy, 2025). The divergence of Mobile Average Convergence (MACD) for DOGE and SHIB has shown down lowering signals, the MacD line from DOGE crossing the signal line at 3.30 p.m. UTC and SHIB at 3.45 pm UTC (Coinbase, 2025). In addition, the Bollinger for Doge bands have widened, the price approaching the lower strip, indicating increased volatility and a potential decrease trend (Cryptowatch, 2025). These technical indicators, combined with observed trading volumes, suggest a significant correction of the market launched by the Dave Portnoy confession.
In terms of news related to AI, there was no direct correlation with this event. However, the broader feeling of the market influenced by such events can have an impact on AI tokens. For example, the singularitynet of token Ai (Agix) experienced a slight drop of $ 0.80 to $ 0.784 between 2:00 p.m. and 4:00 p.m. UTC on February 7, 2025, perhaps due to the overall change in the market feeling ( Coinmarketcap, 2025). The commercial volume for Agix has increased by 10%, from 100 million to 110 million tokens, indicating a certain activity of the market in response to the news (cryptocurrency, 2025). Although AI developments generally influence crypto markets through technological progress and partnerships, in this case, the impact seems to be more focused on feeling. Merchants should monitor the correlation between AI and Even market movements, because changes in one sector can influence the other, especially in terms of investor confidence and market feeling.