Altcoins are difficult to recover, and most of them are in the red zone. One of the worst hit tokens is dogecoin, which has lost 22% in the last 24 hours. Over the past month, DOGE has lost nearly half of its value. However, those who invested at the beginning of the year are still profitable, as the current price of the coin is almost 7000% higher than what the coin traded at the beginning of the year.
At the time of writing, DOGE had fallen below the critical $ 0.20 support level and traded at $ 0.176 large exchanges.
Dogecoin price analysis
It looks like the great days of DOGE may be coming to an end. The Meme coin gained popularity after Elon Musk joined it and promoted it on his Twitter account. However, Musk is not yet coming to the aid of DOGE this time. His silence comes weeks after Anonymous hacker the group was released criticizing him for abusing the power of the secret market.
The chart above shows how dogecoin has performed this month. The biggest downward trend in the token began this week, as shown above, due to a lack of support in the broader encryption market. When BTC dropped to almost $ 31,000 at the beginning of the week, the altcoins followed suit and no dogecoin was spared.
Dogecoin will have to push more than $ 0.20 to prevent further withdrawals. Currently, meme money is losing its coveted position among the top ten cryptocurrencies. Losing space can be devastating to an account.
Dogecoin holders urge Elon Musk to step in and save the meme coin from possible new disruptions. However, his silence on the matter may suggest that the billionaire holds his opinions encryption market himself since he was accused of market manipulation and abuse of power in the sector. However, not everything is gone, and we can see the CEO tweeting about his favorite coin soon.
The current price movement may be due to a market correction given the huge gains in the coin. However, it should be noted that DOGE’s price gains were only due to investor demand. If the logo is put into practice in real life, such as in global financial systems, its value will certainly increase.
Dogecoin has a strong fan community compared to other cryptocurrencies, which is one of DOGE’s strengths that helps it in its long-term value. Due to its growing fan base, dogecoin has been approved payment method to Wag, dog walking application. The growth of DOGE use cases increases demand and thus value.
How to buy DOGE
To purchase Dogecoin, you must create an account with a cryptocurrency. One of the stock exchanges that supports DOGE is eToro. The exchange is very safe and reliable. In addition, its trading fees are highly competitive and it offers a wide range of excellent features to new investors. In addition, the exchange is one of the few that offers copying, and if you have never traded in encryption before, the exchange will offer you a demo account from which you can learn.
Do you want to buy or exchange Dogecoin (DOGE) now? Invest in eToro!
75% of retail investors’ accounts lose money when trading CFDs with this provider