When Bitcoin (BTC) and the other altcoins in the market are examined side by side, there are vast variations in price performance in today’s digital currency ecosystem. One of the leading cryptocurrencies, Dogecoin (DOGE), has seen substantial customer disinterest, which has affected its price movement. The top meme currency has retraced as much as 5.86% over the last 24 hours and is currently trading at $0.07004.
The indicators for Dogecoin indicate a mostly indifferent market since meme coin investors are obviously highly interested in what happens to DOGE competitor Shiba Inu. For instance, Dogecoin’s trading volume does not now support any anticipated bullish momentum, despite tokens inside the Shiba Inu ecosystem, such as Bone ShibaSwap (BONE), being on a bullish spree.
Dogecoin’s reported indifference is caused by a variety of causes, including the absence of any clear aim or vision from the core team behind the protocol, in addition to competition from Shiba Inu. This has made it less likely that the protocol will continue to build up.
Dogecoin has established itself as one of the most losing meme currencies available right now thanks to its more than 7% decline over the last seven days.
Banking on Elon Musk’s Influence
Dogecoin’s complete dependence on X owner Elon Musk is an essential strategy for the cryptocurrency to regain its momentum. Elon Musk is one of the leading proponents of digital currency, and his tweets are well recognised for sparking a significant increase in the price of the asset overall.
The slumber that Dogecoin has experienced over the previous several days can be broken by any future tweets from Musk that occur randomly but have a tremendous impact. In spite of the current negative doom, Dogecoin is still one of the most well-known cryptocurrencies in the top 10 by market capitalization.
