Dogecoin’s price has continued to fall, dropping 6% over the past 24 hours despite a trading volume of more than 50%. This asset is still suffering from the effects of a bearish summer. It has not shown any signs that it will recover. DOGE’s price can change at any moment, thanks to Elon Musk and other celebrities endorsing it or the Dogecoin Foundation releasing positive news. The dog-themed crypto has been quiet outside of Musk.
After a recent market crash, investor confidence briefly returned to the market. Elon Musk tweet. SpaceX CEO said that DOGE might be accepted as a form of payment for Tesla related merchandise. But the price hasn’t followed suit. Tesla’s asset may see a significant price rise once it adds Dogecoin. There is no set timeframe for the addition of Dogecoin.
Can Dogecoin rebound before the end of 024?
Dogecoin On Friday, the coin was trading at $0.0918. This is a drop of nearly 7% within 24 hours. The coin’s price has increased by nearly 45% over the last calendar year. However, most of this growth occurred at the beginning of 2024 and the end 2023. DOGE’s price has remained stagnant since the March 2024 crypto-boom, despite a consistent volume of trading. Although the rise of TV led to a surge in trading volume, it didn’t lead to any pumping in DOGE. Instead, rival coins such as WIF and SHIB have flourished.
Also Read: DOGE: Elon Musk to Lead Trump’s Government Efficiency Commission
Shiba Inu, in particular, has outperformed Dogecoin as of 2024. SHIB is delivering better results year to date. SHIB’s profits increased by nearly 30% in the first half of this year. DOGE profit levels reached 3.61%. DOGE generated 10% less profits than SHIB YTD.
The goal of reaching $1 is a task that DOGE has had for a very long time. Around three years ago the asset reached a record high of $0.7376. DOGE was this close to reaching its $1 milestone. Currently, meme coins are 87% under this previous peak. If you look back on this information, it seems that $1 is almost impossible. Even though the volume of trading has increased significantly, more catalysts will be needed to push DOGE on a path towards $0.20 or even $1.
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Source: watcher.guru