After several weeks of successfully maintaining a relatively stable value, it seems the Dogecoin fairy tale is coming to an end once again. Similar to all other altcoins, DOGE is getting battered and then some. Even though the currency is still trying to cling to the $0.005 level, it seems that will not hold for much longer.
Dogecoin Price Run is Over
It has been coming for some time now, but Dogecoin‘s value seems to be returning to far more normal levels. After successfully hitting a market cap of roughly $700m a few weeks ago, the value has now dropped to $584m and even lower. This is all part of the ongoing bearish trend affecting all cryptocurrencies as of today.
With the current 10% decline in USD value and a net 5.2% loss against Bitcoin, it is evident who the top dog in cryptocurrency is. Once again all money is pouring from altcoins back into Bitcoin until the market conditions improve again. If and when such an improvement can be expected, is very difficult to predict at this time.
Across social media, it has become apparent the belief in DOGE is far from over. Peter BD, for example, is confident Dogecoin will rise like a phoenix in due time. While that is not entirely impossible to achieve, it is evident this currency successfully bucked the negative association regarding this altcoin over the years.
After the arbitrary delisting of coins from #binance, I think a move to #Dex would be the best. It’s up 2 the people 2 decide what’s worth their money and what’s not. #doge was a joke for years and now it’s moving forward. Let the people decide! #Cryptocurrency #Crypto #btc #eth
— Peter BD, PhD (@pBouDib) October 11, 2018
To make thing seven more interesting, there are still a few people who believe Coinbase is bound to list Dogecoin in the near future. While nothing is impossible, it seems this is a misguided sentiment first and foremost. No one denies DOGE is still very popular, but Coinbase has bigger fish to fry at this time.
Dogecoin (DOGE) in Full Pursue to Get Listed on Coinbase; As it Nears to be Part of Ethereum Ecosystem!#Dogecoin #DOGE #Coinbase #ethereum #EthereumEcosystem #digitalcurrency @dogecoin_devs @dogecoin @BotOfDogecoin @coinbase @dogethereum https://t.co/brsaCEM5nZ
— Crypto Club (@AliHass55701888) October 11, 2018
Looking at the technical analysis charts, it seems plausible Dogecoin will see a form of uptrend again in the future. The bigger question is how low the value must go prior to ensuring this can happen. The chart by Coin Kivaluz shows there may be a lot more red prior to the bounce.
— Coin Kılavuz (@coinkilavuz) October 11, 2018
For the Dogecoin price, the future momentum will primarily hinge on how Bitcoin’s value evolves. When Bitcoin thrives, so do all altcoins, albeit DOGE has always been an interesting exception in this regard It will be intriguing to see what the second half of the week brings, but for now, things are not looking overly appealing by any means.