Is there still hope for $DOGE ? Uncovering the three main reasons for the past surge!
Many people are talking about Dogecoin, especially those who bought in above 0.4 and are now stuck. Many bloggers recommended bottom-fishing DOGE, and now everyone is generally down by 25% to 30% or more.
What everyone is most concerned about now is: What to do? Is there still a chance to turn things around?
First, we need to understand why DOGE was able to rise before. There are three main reasons:
First, the overall market trend was good, and the environment drove the rise of DOGE.
Second, when Musk spoke up, combined with the establishment of his D.O.G.E department, it directly led to a significant surge in DOGE.
Third, the market has cycles, and every year there are several waves of meme coins and dog coins, with the last wave still being in March.
But looking at the current situation, the overall market is declining, Bitcoin and other altcoins are falling, and the first condition is no longer met.
Musk has also spoken recently, and the market has reacted; many people are still holding on and digesting the bubble, so it’s unlikely he will speak again in the short term. The second condition is also no longer valid.
As for the cyclicality, everything is falling overall; there is no sector rotation, only rotation downwards.
So, personally, I feel that it will be a bit difficult for Dogecoin to return above 0.4 in the short term. Although the overall market may rebound, thinking of instantly breaking even is not very realistic.
My suggestion is to switch positions! Move to leading coins in other sectors, looking for those that haven't risen much and are at the bottom. It’s best to find those with a star effect and that are being watched by big players in the same sector.
Currently, ETH is starting to gain strength, and the opportunity to bottom-fish altcoins is coming soon! I have carefully selected a coin expected to rise 5-10 times, comment + like, and I will share it for free!