A number of indices for Dogecoin (DOGE) have declined over the past week, indicating that the cryptocurrency is collapsing under its own weight. Dogecoin’s price has dropped 3.14% as of this writing, to $0.07998, after overnight hitting a low of $0.07964.
Dogecoin has not been among the top 10 cryptocurrencies by market size since more than a year ago, but the current pricing has caused Chainlink (LINK) to remove the dog-themed joke coin off the list.
Dogecoin’s decline in the rankings is not the worst, as leading market analyst Ali Martinez’s on-chain data indicates a drop in overall transaction volume. Martinez highlighted that although this is concerning, whale volume is decreasing, which emphasises how slowly the coin is being adopted overall.
https://x.com/ali_charts/status/1756960045944688989?s=20
Dogecoin’s price movement has been very stable over the last few years, with noticeable fluctuations that have mostly favoured market bears. Based on the behaviour of its whales, Dogecoin has a special strength that might lead to worse outcomes for the coin in the future.
Potential Dogecoin turnaround
Overall, Dogecoin is showing an uninspiring trend, which may be the result of the protocol’s general lack of appealing growth tendencies. Investors may eventually become weary of speculating if there are no improvements, which may be the coin’s current downfall.
In the Web3 ecosystem, flipping one another is a major trend. Displaced tokens usually rethink their growth foundations. As of right now, the only discernible activity inside the Dogecoin ecosystem is the upcoming Doge-1 space mission, which will notably have few effects on the ecosystem outside of publicity.
If DOGE creators don’t execute a significant redesign, then competing meme currencies could eventually gain traction in terms of acceptance.
