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Why Dogecoin Price Lost Its Glory, What Made DOGE Price Exit The Top 10?

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Dogecoin price is away from the show and buzz for quite some time now. The coin has not come closer to its all-time high in recent times. Dogecoin prices have not seen any notable movements as well. While the transactions of the coin are only declining over the period of time.

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The digital coin has seen numerous pumps and dumps, and possibly most of the investors were part of FOMO. As the coin doesn’t really stand well with its core fundamentals, with any revolutionary concepts for the transforming world.

Also Read: Will Cardano Price Be Affected by Elrond Upgrades? ELGD Price Set to Hit $500!

The transactions of the meme coin dropped to 15474 transactions, which is the lowest since 2017. The transactions hovered around 20k to 30k transactions in 2018-2020. The coin is finding it difficult to regain its lost glory ever since the crash of May. The crash resulted in ‘N’ number of investors losing their hard-earned investments, which possibly might be a reason for the coin losing its glitter.

As per the data extracted from BitInfoCharts several other coins are performing well in terms of transactions. Cardano has seen 80k transactions, Ethereum 1.2M, Algorand 1.3M, Polygon Matic 5.5M, and numerous other coins in the league have performed exceptionally well when compared with Dogecoin.  

Also Read: Major Catalysts for Bitcoin Price! Analyst Predicts Bitcoin Bull Run To Resume Soon!

Meanwhile, Adam Aron CEO of AMC theatres had run a poll on his social media handle, asking how many viewers think the company should accept Dogecoin for online payments. Surprisingly, over 68% of viewers were interested in Dogecoin for online payments. 

Summing up, Dogecoin’s price is at $0.2099 short of its 24-hour high of $0.214 at press time. The coin might rise if the catalysts work in favour of the fundamentals of the platform like that of the Ethereum bridge.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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