The Dogecoin recovering back successfully a good percentage of its value. But remained low as compared to its levels. Although bears took advantage of the situation and pushed the price lower. In midweek trading, Bitcoin and Ethereum showed an upward trend. But, Doge is still down. Why so?
Dogecoin Losing Clout
Crypto enthusiasts have always used a lack of functionality against Dogecoin. But becoming one of the top 10 crypto coins by market cap has started the debates about the usefulness of this coin. Dogecoin has thrived off of the hype created around it by supporters like Elon Musk.
Doge reached $0.73 back in May, then crashed with the market. Good Recoveries are seen in the prices of top cryptos. However, Dogecoin’s inability to regain rapidly leading to loss of investor’s faith. Hold sentiments can be seen low throughout the community. The investors are dumping their bags.
Doge Price Movements
Dogecoin is still in red while the other coins like Bitcoin and Ethereum have entered the green. The seven-day chart for Doge shows that it has returned red.
The 24-hour chart shows lower highs and lower lows. Although the trading daily volume has shown a 25% uptick, Dogecoin has not shown an upward trend. The market cap of Doge is down another 1.21%.