Dogecoin’s price has continued to fall, dropping 6% over the past 24 hours despite a trading volume of more than 50%. This asset is still suffering from the effects of a bearish summer. It has not shown any signs that it will recover. DOGE’s price can change at any moment, thanks to Elon Musk and other celebrities endorsing it or the Dogecoin Foundation releasing positive news. The dog-themed crypto has been quiet outside of Musk.
The market experienced a brief resurgence of investor confidence after the recent Elon Musk tweet. SpaceX’s CEO revealed that DOGE could be exchanged for Tesla merchandise. But the price hasn’t followed suit. Tesla’s asset may see a significant price rise once it adds Dogecoin. There is no set time for the addition of Dogecoin.
Can Dogecoin recover before the end 024?
Dogecoin On Friday, the coin was trading at $0.0918. This is a drop of nearly 7% within 24 hours. In the past year, DOGE has seen a 45% increase in its price. But most of the growth happened at the end and beginning of 2023. DOGE’s price has not changed much since the March 2024 crypto-boom, despite a consistent volume of trading. This rise has not resulted into any pumping of the coin, but instead allowed rival coins such as WIF and SHIB flourish.
Also Read: DOGE: Elon Musk to Lead Trump’s Government Efficiency Commission
Shiba Inu, in particular, has outperformed Dogecoin as of 2024. SHIB’s returns are better year-to date. SHIB profits are up nearly 30% from the start of the year. DOGE’s profit is only 3.61%. DOGE generated 10% less profits than SHIB YTD.
The goal of reaching $1 is a task that DOGE has had for a very long time. Around three years ago the asset reached a record high of $0.7376. DOGE was this close to reaching its $1 milestone. The meme coin is currently 87% lower than its peak. If you look back on this information, it seems that $1 is almost impossible. Even though the volume of trading has increased significantly, there will need to be more catalysts in order for DOGE to return on the path towards $0.20 and $1.
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Source: watcher.guru
