Is Dogecoin still a chance? Unveiling the three major reasons for its past surge!

There are mainly three factors:

First, the overall market trend is good, which has driven up DOGE.

Second, a statement from Musk, along with the establishment of his D.O.G.E department, directly triggered the explosive rise of DOGE.

Third, the market experiences cyclicality, with several waves of meme coins and dog coins 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, and the first condition no longer holds. Musk has also made statements recently, and the market's response has already been digested. Many people have not yet cut their losses and are still digesting the bubble; it is unlikely he will speak out again in the short term, so the second condition is also no longer applicable.

As for cyclicality, the overall market is currently declining, with no sector rotation, all are rotating downwards. Therefore, I personally believe that it is relatively difficult for Dogecoin to return to above 0.4 in the short term. Although the overall market may warm up, it is unrealistic to expect a quick recovery.

My suggestion is to consider switching positions! Shift towards leading coins in other sectors, looking for those that have not yet surged significantly and are at the bottom. It is best to focus on those with star effects, which are being noticed by major players in the same sector.

If you want to know more about the main coins, follow me closely in the bull village!

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