Over the last few days, Dogecoin, the leader of the meme-coin pack, has been stuck in a standstill.
At press time, the price of the ailing sixth-largest crypto was fluctuating about the $0.2-range, with the normal exhilaration and excitement in the DOGE market seemingly fading.
DOGE was trading at $0.2405 at the time of writing, down 3% in the previous week. The meme-price, coin’s on the other hand, has climbed by 10,472.48 percent in the last year. As a result, when considering DOGE’s previous price movements, the 3% loss may appear insignificant.
Nevertheless, when looking at the big picture, several questions appear. Has DOGE’s allure and attraction waned? Is it going to burst any time soon?
Has the community already given up on the coin? Even while it appears to be the emerging tendency, it cannot be said with perfect certainty.
Since mid-May, the price and social volume of Dogecoin have become less interdependent. In reality, throughout the last few days, the latter has remained virtually unchanged. Furthermore, when compared to May, Dogecoin’s social dominance has significantly decreased.
With that being said, social media has failed to bring the “joke-coin” any solace. Dogecoin also isolated itself from market-centric trends and prolonged its boring atmosphere.
Following Coinbase’s most recent listing, this became even more apparent. This discovery failed to offer DOGE with any respite, despite the fact that it was an implausible situation.
Furthermore, IntoTheBlock’s statistics indicated that market sentiment toward DOGE was “mainly pessimistic” at the time of writing. Unsurprisingly, the average transaction amount dropped dramatically from $1,684,809.74 in early June to $90,497.08 at press time.
Furthermore, DOGE’s average balance has decreased from $23k in May to $7k in June. Its trading volumes were also not particularly outstanding.
Despite this drab and uninteresting environment, Robinhood recently disclosed that Dogecoin trading accounted for 34% of its overall crypto revenue in Q1.
While Dogecoin has historically been a good Samaritan for its investors, it has recently struggled. Are DOGE’s high-performance days also a thing of the past now that Q1 is over?
Now, according to one analyst, Dogecoin has entered the fourth stage of its bubble, with the chances of a “complete loss of capital” remaining strong. In fact, he advised investors to exercise caution and stated,
“This year, expect Dogecoin to tumble to $0 and suffer a slow death.”
No recent news, including Elon “the catalyst’s” tweets, has arguably supplied DOGE with any comfort of a rise. In the short run, the joke-coin that used to enjoy dancing to Musk’s music has also stopped doing so. Maybe DOGE isn’t anyone’s puppet any longer!