Dogecoin, the largest meme coin by market value, has once again dropped below the $0.08 support level. Will the decline continue? There are things more important than short-term price movements, such as network growth, major partnerships, grounded future plans, and much more. Despite ongoing miner sales contributing to its weakness, Dogecoin’s network data looks promising.
Dogecoin Analysis
Technical analysis can sometimes make accurate price predictions, but often it can be misleading because it fails to see fundamental changes and there is no obligation for the price to move according to historical structures. In the last two weeks, we have witnessed some significant developments on the Dogecoin front.
The current investor profile shows the number of new addresses holding Dogecoin has climbed to 413,800. A significant portion of these have balances below 1 DOGE. This rapid increase in new users represents the fastest growth rate in the network’s ten-year history and leads to speculation about Dogecoin’s future.
Will Dogecoin Reach the Moon?
November and December passed, and January ended without the space mission for DOGE taking place. While there was excitement over ETFs, this event could have been a good price catalyst for DOGE, but the timing was poor, and the market correction that has been ongoing for about 20 days is not over yet.
Geometric Energy Corporation (GEC) CEO Samuel Reid made a payment to SpaceX for the DOGE-1 Mission using Dogecoin. The mission, planned to be carried out on a SpaceX Falcon 9 rocket in 2022, has been postponed several times. These delays have led to disappointment and a waning of excitement within the DOGE community. Big developments happen all at once, and the price fluctuates accordingly.
However, as with the spot Bitcoin ETF approval, when the agenda is occupied with fake delay, approval, and rejection news, the price shows negative performance. Cryptocurrency educator Randi Hipper became the voice of the community by expressing doubts about the project’s timeline;
“Does this mean another step back, or is the launch still planned for February?”
The DOGE price is currently close to the $0.077 support in the short term, and for now, the bulls don’t seem too concerned with network growth.
