There was once a time in the world of cryptocurrency when Dogecoin was all the rage. It was so popular that even the richest man in the world, Elon Musk talked about it.
But it seems that’s all a thing of the past as everything has died down for the once popular meme coin.
Some people are still interested in the coin and have been wondering if it’s possible for it to recover to its previous high.
The downfall of Dogecoin started when Tesla CEO Elon Musk described it as a hustle during an episode on Saturday Night Live.
The meme coin has been on a free fall since then and the current crypto winter made things so much worse.
The meme coin experienced a slight uptrend over the last four weeks after bottoming out in mid-June.
The cryptocurrency displayed a number of trading patterns over the past few months, with some highs and lows throughout. Recently it rose back by 50% from $0.049 to $0.076 before falling just shy of a key Fibonacci retracement line.
Even though Dogecoin has seen some volatility in its value, it still retains the top spot as one of the biggest memes by market cap. This is an indication that there are plenty who believe this coin will succeed and survive even through any storms that lie ahead.
There Is Hope For Dogecoin
All is not lost for this meme coin, For example, some whales have been accumulating it for the past 30 days. There were some outflows with the significant ones occuring between July 17 – 19 but those addresses are still accumulating Dogecoin. This shows that the bears have not taken over the market.
One of the best things about DOGE is that it has a strong social presence.
With dogecoin’s social dominance metric being quite active in the last 30 days and especially over 24 hours at press time, it is likely this is due to their recent network upgrade.
The recent development activity in Dogecoin has been so strong that it’s no wonder the upgrade went smoothly.
