Dogecoin has been a favorite among meme lovers since the beginning, as it was the first meme coin ever to be launched. Being a part of the crypto industry for a decade, Dogecoin has gained supporters, including the famous Elon Musk. However, this year, the trends are not in favor of this dog-themed meme coin, as its value has been steadily declining. In this blog, let’s discuss what is happening with the Dogecoin price and whether it will recover.
Dogecoin Price Loses Ground as Toncoin Advances
Dogecoin was previously ranked 8th on CoinmarketCap in terms of market cap, but with its continuous declines over the past few weeks, Toncoin has moved up the rankings. As a result, Dogecoin has moved to 9th place, with a market cap of $17,705,259,083. This decline is due to the continuous decline in the price of Dogecoin.
down 24% over the month. Earlier, it wasn’t the most profitable value either, but it averaged around $0.15 but now it has moved to $0.1221.
This is the lowest performance for DOGE in the past three months, and the price has been moving sideways since mid-June, indicating a battle between buyers and sellers.
What is limiting the growth of Dogecoin?
The most limiting factor for Dogecoin’s growth is the ongoing market conditions. The crypto market has been in a state of consolidation for several days, with investor sentiment turning neutral, causing the peak to end early. Additionally, meme coin competition has grown significantly this year as newly launched coins have won over investors, especially Solana coins. Solana meme coins
It has shown the highest gains this year, temporarily overshadowing Dogecoin and other older options.
Will Dogecoin price recover?
Dogecoin is among the most preferred coins, which has led to a surge in the number of token holders. At the beginning of the year, there were 6,054,801 holders, but this number has now grown to 7,021,772, indicating high demand. However, there are no immediate signs of recovery as the meme coin is in a full-fledged sell zone with technical factors pointing to a current consolidation period. The exponential and simple moving averages for all timeframes are showing high Dogecoin selling, while technical averages such as the RSI
Bull Bear Power, Williams Percent Range (14), and many other indicators make it neutral. Only MACD level (12,26) indicates buying among investors.
However, many analysts have predicted a recovery in the price of Dogecoin under the influence of the meme coin supercycle. Kaleo, a well-known crypto analyst, says that Dogecoin has been consolidating for about 9.5 years and has only provided one year with increasing gains. According to his prediction, DOGE has been showing a similar pattern since 2020, where the price entered a similar downtrend before booming in early 2021. He predicted a similar rally for DOGE this year but highlighted the possibility of DOGE price falling to $0.08-0.09 before rallying to $2.
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