Is Dogecoin on the decline? Despite a temporary peak in popularity, Elon Musk’s influence is waning.
DOGECOIN began 2021 as a “underdoge,” outperforming other alternative tokens by increasing 4,000 percent thanks to social media support. However, the coin has subsequently fallen out of favor, prompting some to wonder if DOGE is dead.
DOGE was one of the most popular altcoins on the market only a few months ago. People like Elon Musk, who have aggressively promoted the coin, have helped it achieve tremendous value early this year. However, his most recent endorsements haven’t had the same impact, with only a minor increase in DOGE from its current level.
DOGE units traded for between $0.003 (£0.0022) and $0.009 (£0.0065) in late 2020 and early 2021.
However, by early spring, it had risen to $0.41 (£0.30), and by the middle of the season, it had risen to $0.73 (£0.53), approaching the dollar.
Unfortunately for DOGE investors, things have gone sour since then, with the coin failing to break through the $0.41 (£0.30) barrier since early June.
Individual DOGE units currently trade at $0.25 (£0.18), however they have experienced extreme volatility in recent days.
People could get one for $0.24 (£0.17) on Thursday, June 24, and $0.28 (£0.20) on Friday.
It rocketed to a recent low of $0.23 (£0.17) on the same day, making it a dangerous investment at the moment.
It has a 30-day volatility rate of 1.93, according to Coindesk.
And now it looks that even DOGE’s most powerful sponsor no longer wields the same clout he once did.
Elon Musk pushed the coin back to $0.25 this morning after tweeting “release the doge” to his 57.7 million followers, generating a $0.01 increase.
Mr Musk, on the other hand, has failed to entice long-term interest or growth, as evidenced by the present price.
However, financial analysts do not believe DOGE is done with the cryptocurrency industry just yet.
It could still hit the $1 level, according to Wallet, an algorithm-based forecasting tool.
However, backers will have to wait a long time to see benefits.
Long-term forecasts predicted that DOGE would approach $0.30 (£0.22) in early July in mid-June.
People would have to wait until the end of 2021 for more significant gains, when Dogecoin might reach $0.38 (£0.28).
It might rise another $0.19 to $0.57 (£0.41) a year later, at the end of 2022.
As 2023 draws to a close, Wallet believes that DOGE will achieve $0.76 (£0.55), bringing it closer to the dollar milestone. “Brinkwire News in Condensed Form.”