đ„đ„đ„ #DogecoinâŹâ© âs Dominance Fades as Other #Memecoinsđ€đ€ Surge
Dogecoin (DOGE) Faces Downturn Despite #ElonMuskâs Support
Dogecoin (DOGE), the leading meme coin, has experienced a significant downturn, declining 21% over the past 30 days. Despite backing from Elon Musk, concerns are growing about its future dominance in the meme coin market.
Currently, Dogecoinâs market capitalization stands at $14.58 billion, a sharp decline from its peak of $73 billion. At present, DOGE is trading at $0.9883, down 86.43% from its all-time high of $0.7376 reached in May 2021. Nevertheless, the coin has risen 17,825.21% from its initial debut price.
In the past 24 hours, DOGE has fluctuated between a low of $0.9883 and a high of $0.1043, ultimately settling lower. The cryptocurrency is down 2.30% for the day and 1.29% for the week but has risen 58% since August 2023. In contrast, Shiba Inu (SHIB), the 13th largest cryptocurrency by market cap, has gained 55.76% in the same period.
Other meme coins like Pepe ($PEPE ), dogwifhat ($WIF ), and Bonk ($BONK ) have recently outperformed DOGE and SHIB. PEPE has surged 569.58% over the past year, while WIF and BONK have experienced even greater gains of 713.92% and 6,418.80%, respectively, according to CoinMarketCap data.
Technical indicators suggest Dogecoin may continue on a sluggish trajectory unless renewed interest emerges. Despite Muskâs support, DOGEâs performance has been lackluster. The Accumulation/Distribution line shows decreased accumulation, with investors showing little bullish sentiment. Additionally, the Relative Strength Index (RSI) of 40.71 indicates bearish control over Dogecoinâs price action.
Source - coinedition.com
