Will Dogecoin Price Recover In June?

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As a crypto investor with some experience under my belt, I’ve seen my fair share of market fluctuations and meme coin hype. Dogecoin has always intrigued me due to its unique history and backing from industry leaders like Elon Musk. However, the recent declining trend in its price has left many investors, including myself, questioning its potential for recovery.

Dogecoin ranks 8th on CoinmarketCap, boasting a market capitalization of $18.1 billion. Its dedicated fanbase among investors is substantial. The coin’s popularity can be attributed to its status as the first meme coin and the long-term support it has received from influential figures like Elon Musk. His company, Tesla, further endorsed Dogecoin by accepting it as a form of payment. Additionally, the Dogecoin price offers affordability for potential buyers while presenting opportunities for growth.

As a researcher studying the cryptocurrency market, I’ve noticed that Dogecoin, which has gained significant attention recently, hasn’t been profitable for an extended period, and its value has been on a downward trend. Specifically, it experienced a 12% decrease over the last seven days. The question now is: will this declining trend continue or reverse course in June? Let us explore this topic further in this blog post.

Dogecoin Price Analysis

Dogecoin reached its peak in June 2021, soaring to a price of $0.7376. Since then, no comparable surge has taken place. Currently, the Dogecoin price is at $0.1257, which is lower than the average value it held throughout this year. DOGE had previously kept its worth around the $0.15 mark. However, there was a brief rally that pushed the price up to $0.2201, a three-year high, but this increase did not persist.

Will Dogecoin Price Recover In June?

In late May, Dogecoin experienced a notable surge and reached a price of $0.174. However, this uptrend was followed by a downturn that has persisted up until now. This persistent decline raises doubts about Dogecoin’s ability to outperform other cryptocurrencies, particularly meme coins, which have recently gained popularity even in the current bearish market conditions.

In spite of the unfavorable conditions and decreasing prices of Dogecoin, it continues to rank among the leading ten cryptocurrencies.

Will Dogecoin Price Recover In June?

As a market analyst, I’ve been closely monitoring the Santiment reports, which indicate that Dogecoin currently has the lowest market sentiments among cryptocurrencies. This means investors have been losing interest in this meme coin recently. However, it is essential to note that such reduced sentiment can trigger fear of missing out (FOMO) among some investors. According to a Santiment X post, other cryptos like XRP and Shiba Inu are also experiencing similar trends.

As a researcher studying the cryptocurrency market, I’ve noticed a noticeable decrease in public enthusiasm, or sentiment, towards XRP, Dogecoin, and Shiba Inu following recent price declines. For those patient investors who have been keeping an eye on these large-cap altcoins, waiting for the crowd to tire of them before making their move, now may be an opportune moment. With fear of missing out (FOMO) potentially hitting a 2024 low, these coins could present attractive buy opportunities.
— Santiment (@santimentfeed) June 17, 2024

The decrease in interest towards Dogecoin is reflected in the holdings of major Dogecoin investors, or “whales,” as well. Over the course of the past year, these whales, who possess over 1% of the total DOGE supply, have reduced their DOGE holdings by approximately 9%. This downward trend among large-scale investors is a noteworthy factor that could potentially contribute to a decrease in Dogecoin’s price.

Analysts hold a contrasting viewpoint, with some, such as the ex-CEO of BitMex, Arthur Hayes, asserting that this is an excellent buying chance for investors. Furthermore, there are whispers in the market about X adopting Dogecoin as a payment method following Tesla’s lead, potentially sparking a significant rebound, and the price could surge due to the fear of missing out (FOMO) factor.

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2024-06-20 12:57