Is Dogecoin still worth it? Revealing the three main reasons for its past surge!
There are mainly three factors:
First, the overall market trend is good, which has driven the rise of DOGE.
Second, a statement from Musk, combined with the establishment of his D.O.G.E department, directly triggered the explosive growth of DOGE.
Third, the market has cyclical trends, with several waves of meme coins and 'shitcoins' emerging each year; the last wave was still in March.
However, the current situation is that the overall market is declining, with Bitcoin and other altcoins also falling, meaning the first condition is no longer valid. Musk has also recently made statements, but the market's reactions have already been digested; many people have not yet cut losses and are still digesting the bubble. It's unlikely he will speak out again in the short term, so the second condition also no longer applies.
As for cyclical trends, the overall market is currently declining with no sector rotation; everything is just rotating downwards. Therefore, I personally believe that it is quite difficult for Dogecoin to return to above 0.4 in the short term. Although the overall market may show some signs of recovery, it is unrealistic to expect a quick escape from losses.
