The present negative strain in the larger digital currency ecosystem has caused Dogecoin (DOGE) to budge. The most popular meme coin is now trading at $0.0634, down 0.60% over the previous 24 hours. The Dogecoin’s declining momentum is not strong enough to cause a decline in the coin’s performance over the course of a week.
Dogecoin bulls are keenly anticipating a positive comeback, but the general gloomy view has significantly stifled this expansion. With most traders taking profits at the beginning of September, Dogecoin had a mixed performance. This tendency significantly reduced its trading volume by 28%.
Since the announcement of Ripple’s response to the interlocutory appeal from the United States Securities and Exchange Commission (SEC) over the security classification of XRP, the broader market has been on edge. Although the case’s update is compartmentalised within the Ripple ecosystem, the impact has been seen as a significant market tipping point.
The lawsuit is poised to establish a precedent that will fundamentally affect other tokens in the market, including Dogecoin, and it has already begun to negatively affect their expansion in several ways.
Multifaceted Dogecoin boosting factors
Aside from its effects on the general market, whales continue to demand Dogecoin as one of their preferred digital currencies. The total advantage that can move the price of Dogecoin out of the present impasse depends heavily on this one element, which is crucial.
Aside from the potential whale trigger, Elon Musk, the creator of the X app, continues to be a fan of the meme currency. He is committed to helping the coin maintain its lustre as the face of the social media network. Given the many publicity gimmicks used in previous years to increase the currency’s appeal, there is a probability that DOGE’s growth tendencies could soon take on more specific forms.
