Dogecoin (DOGE), the leader of meme-coins, has been in the middle of a stalemate for the past few days. The sixth-largest cryptocurrency is trading at $0.24 at the time of writing, having lost 37% in the last 30 days. However, its price has increased by over 10,000 percent over the past year. Still, looking at the overall picture, DOGE might seem to have lost its appeal.
What do the critical Dogecoin metrics show?
The link between Dogecoin’s (DOGE) price and its social volumes has been fading since mid-May. In fact, the social volume has been quite stagnant lately. Additionally, Dogecoin’s social dominance has also drastically decreased compared to May. As a result, social media failed to provide any rally to the “joke money”. According to experts, Dogecoin has also withdrawn itself from market-centric developments and prolonged the monotonous mood. Cryptocoin. com, crypto exchange Coinbase listed DOGE in May. However, this did not have a positive effect on the altcoin price.
Additionally, the IntoTheBlock data highlights that market sentiment towards DOGE is “mostly bearish.” While the average transaction size was $1,684,809.74 towards the beginning of June, it dropped to $90,497.08. But despite this tedious environment, brokerage firm Robinhood recently announced that 34% of its total cryptocurrency revenue in the first quarter came from Dogecoin trading.
Analyst: Wait for DOGE to drop to zero
Now a Seeking Alpha analyst has claimed that Dogecoin has already entered its fourth stage of its bubble and the probability of a “total loss of capital” is quite high. He even warned investors to be cautious and thoughtful, adding:
Expect Dogecoin to drop to $0 this year and die slowly.
The analyst also pointed out that probably no recent developments, not even Elon Musk’s “catalyst” tweedollarseries, have provided DOGE with any assurance of an uptrend. “In the short term, the joke money that likes to dance to Musk’s music has stopped doing that, too. Maybe DOGE is nobody’s puppet anymore!” used the phrases.
Disclaimer: Cryptocoin. The articles and articles on com do not constitute investment advice. Cryptocoin. com does not recommend buying or selling any cryptocurrencies or digital assets or Cryptocoins. com is not an investment advisor. Hence Cryptocoin. com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Cryptocoin. Citing the news content of com and quoting by giving a link Cryptokoin. com’s permission. No content on the site can be copied, reproduced or published on any platform without permission. Cryptocoin. Legal action will be taken against those who use code, design, text, graphics and all other content of com in violation of intellectual property law and relevant legislation. .