Dogecoin is 8th on CoinmarketCap with its market capitalization of $18.1 Billion and has a huge fan following among investors. This is because Dogecoin was the first meme coin and has been supported by industry leaders like Elon Musk for a long time, not to forget his company, Tesla, accepting it as payment. Moreover, the Dogecoin price was also decent, where it was cheap enough to buy but offered growth potential.
Despite its popularity, Dogecoin has not performed profiting for a long time and is on a declining spree, dropping 12% in the last seven days. So, will the Dogecoin price continue to decline or surge this June? Let us discuss in this blog.
Dogecoin Price Analysis
Dogecoin peaked in June 2021, surging to $0.7376, but no similar rally has happened since then. Now, the Dogecoin price is $0.1257, which is on the lower side as from the beginning of this year, DOGE maintained its value around the $0.15 mark. However, it did rise to a high of $0.2201, the highest point in three years, but the rally did not last.
Again, it made a significant recovery in May end, rising to $0.174 before entering a downtrend and continuing till now. This declining nature is questioning the potential of the Dogecoin price performance among other cryptocurrencies. Many meme coins have been bullish these days, even in the bearish market situation, getting ahead of DOGE in popularity.
Despite the odds and Dogecoin price declines, it is maintaining its position in the top ten cryptocurrencies.
Will Dogecoin Price Recover In June?
Based on the Santiment reports, Dogecoin is in the lowest market sentiments, which means investors are losing interest in this meme coin. However, such reduced sentiments might lead to an upsurge in FOMO, explained Santiment with an X post. The post also talked of other cryptos, including XRP and Shiba Inu.
📉 Crowd sentiment has dropped significantly for XRP, Dogecoin, and Shiba Inu after their respective price drops. Patient traders who have been waiting for the crowd to give up on these large cap altcoins may finally have their buy opportunity with FOMO at a 2024 low. pic.twitter.com/Pf65huJJnd
— Santiment (@santimentfeed) June 17, 2024
This losing interest is also visible in the Dogecoin whale holdings. Over the year interval, the whales that carry more than 1% of the DOGE supply have reduced their DOGE supply by 9%. This decline is a significant factor that might decrease the Dogecoin price due to the declining interest in this meme coin.
However, analysts have a different opinion where many, including the former BitMex CEO Arthur Hayes, believe this is a buying opportunity for all investors. Additionally, the market is filled with rumors of X accepting Dogecoin as payment after Tesla, creating a surging opportunity, and the price might recover with the FOMO factor.
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