Dogecoin, di cryptocurrency wey start as joke, dey face some tough times. E price dey fall, and people dey wonder if e go fit bounce back.
Dogecoin Price Action
Dogecoin price bin reach record high of $0.73 for 2021, but e lose more than 90% of dat value for di next 12 months. E try to rise again for 2024, but e don dey drop by almost half dis year 2025.
Currently, Dogecoin dey struggle to find wetin e go use do wey go create real value for long term. Plus, e get problem with di amount of coins wey dey available, wey fit keep di price down.
Wetin Dey Cause Di Fall?
- No Real Use: Unlike other cryptocurrencies like XRP or Ether, Dogecoin no get serious use case. People no really dey use am for everyday payments.
- Too Much Supply: Dogecoin get plenty coins wey dey available, so e dey hard for di price to rise.
- Market Sentiment: Di whole crypto market dey fear, and dis dey affect Dogecoin price too.
Hope Dey?
Despite di fall, some analysts believe say Dogecoin fit bounce back. Dem dey see say whales dey buy more Dogecoin, and money dey enter di exchanges. Dis fit be sign say di market don reach bottom.
Plus, dem dey expect decision on Dogecoin ETF, wey fit boost di price.
Wetin Traders Need To Watch Out For
Traders need to watch di price movements around $0.155 and $0.150. If di price break above $0.166, e fit be sign say rally dey come. But if e continue to fall, e fit go even lower.
Make una remember say investing for cryptocurrency get risk. Do your own research before una put money inside.