According to a few reports, it seems like the huge bubble of DogeCoin might have actually exploded.
After the recent events of Bitcoin’s crashing, DogeCoin continues to fall at a much more rapid pace, so it seems that the bubble it had created, might have finally exploded. China’s continuous massive crackdowns on Bitcoin mining operations nationwide have caused serious damage to the value of the crypto world. The widespread chaos in the market continues to heat up as the crypto market has lost nearly half its value, dropping from $2.5 Trillion, currently sitting at a low of about $1.3Trillion.
The current condition of the market is taking a heavy toll on traders and holders of the meme currency, as more and more projects connected to DogeCoin are starting to lose their value, as a result of the market cap that is experiencing a loss of Billions every week. A tweet from a DogeCoin trader highlighted that if we look at the current market status, it has become nearly impossible to sell DogeCoin at the rate is it going for so, it is much better that more focus must be put towards projects that have good value to them.
According to the statistical history of DogeCoin, the currency started 2021 with a price of around 0.0025 with a record price of $0.74 back in May, resulting in returns of up to 29,600%, meaning that if someone were to invest a grand into Doge, the returns would have crossed the 6 Digit mark. But as of now, the situation seems extremely dull, because the value of Doge has dropped almost 70%, now sitting at a low of $0.19. As of now, the downward trend seems to continue, leading to heavy losses in value each day.
Analysts have said that the growth of the meme coin mainly depends on the support from major celebrities such as Elon Musk, SnoopDogg, and many other influencers. Although the downward trend continues, many supporters still seem to have an optimistic mindset about the currency, looking at the advantages it has over Bitcoin, such as low transaction fees, in comparison to the top 2 crypto giants. If these influencers continue to support the currency, then it is definitely possible to keep Doge in a stable condition.