Today the DOGE stands at €0.06095. This value will please some investors, especially those who have held Dogecoin for a long time. Investors who got in in the last 30 days might be getting annoyed and thinking about switching.
That would likely be $WSM, whose pre-sales are going through the roof. Perhaps it is precisely this project that is why Dogecoin is currently weakening. These are the facts about the process!
- Doge clearly loses today
- The last 7 days it went up steeply, then down significantly
- From €0.06462 in the morning, the DOGE fell to €0.06102 in the evening
- The monthly chart is characterized by zigzag curves
- The market capitalization has been falling continuously since mid-April
- blame could $WSM be: Now in pre-sales
Dogecoin: what’s going on?
The price development is extremely weak and PEPE and SHIB are not shining with top performances either. A few days ago it was speculated that another meme coin could be responsible. Dogecoin was the first successful meme coin that was able to convince the community with its carefree nature and great imagination.
Then came the strongest shorting of 2023, which saw crypto tracker Santiment record its highest Doge shorting level of the year to date. Around June 29th, Doge traders heavily shorted the meme coin. After that, the meme coin bounced back, recouping June’s losses. But even this short-term high cannot hide the fact that Dogecoin is losing more and more users.
#dogecoin is on a mini run, regaining the $0.07 level for the 1st time in 4 weeks. The largest $DOGE shorting of 2023 happened 6 days ago, likely contributing to the pump. Interestingly, the percentage of discussions and interest level has remained low. https://t.co/HZ9QM0hlI5 pic.twitter.com/aze07RbkWb
— Santiment (@santimentfeed) July 4, 2023
The number of active addresses has fallen by 22.1% over the past seven days. The number of new addresses has also fallen, more significantly than the active addresses. The number fell by 46.3% and the number of Doge addresses not holding coins also fell by 23.47%, according to IntoTheBlock. On this platform you can also read that the number of Dogecoin members in Telegram has also decreased significantly.
What good news is there for Dogecoin?
The sentiment analysis for the short message service Twitter shows an unchanged high key figure for Dogecoin. Especially the number of positive mentions compared to the negative comments is commendable. There is also positive news for the total number of DOGE addresses, because it is still on an upward trend.
Another analysis has shown that more than half of the DOGE buyers are in positive territory over the year. Year-to-date buyers who bought earlier in the year averaged about 56% up. However, 40.78% are also in the red. Which means we’re at the end of the good news about leading meme coin Dogecoin.
What’s next for Dogecoin?
Despite the positive news and support from prominent figures such as Elon Musk, Dogecoin was unable to come up with any convincing new developments. Therefore, the coin bobs along. The playful potential is now showing its effects. What used to be the most popular meme coin with a wide distribution and an active community has become a bore coin.
There has long been no talk of growing acceptance as a means of payment. The great forecasts of the experts, who had predicted a tripling of the price for DOGE for the current year, have also fallen silent. Investors seem to be wondering if they made a good investment decision. The liquidity in the meme market is undoubtedly redistributing itself.
This coin could be the reason for Dogecoin’s problems
Three simple words are worrying Dogecoin developers right now: WALL STREET MEMES! What is behind the market phenomenon and why is the pre-sale of Wall Street Memes such a big hit?
This is wall street memes
Wall Street Memes is a new generation meme coin. Entertainment is also the focus here, but the developers have bigger goals. With the support of the large community of over 1.1 million people, the meme coin aims to be the first of its kind, who wants to reach a market capitalization of 1 billion US dollars. And the numbers from the pre-sales testify to the great potential of the meme coin.
You have learned well young Padawan pic.twitter.com/8Nm9GOzE51
— Wall Street Memes (@wallstmemes) July 13, 2023
By purchasing $WSM tokens, you too will join the community of anti-capitalism coin supporters. That is exactly what the innovative coin is all about. Over $14.7 million has already been raised in advance sales.
Investors have already bought more than 2/3 of the tokens in pre-sales. You still have the chance for cheap prices, because the native utility token is currently only priced at $0.0316. The next price increase follows with the next pre-sales phase, which starts in just under 3 days.
Conclusion: Dogecoin is coming under increasing pressure. Liquidity is drained and put into other, better projects like Wall Street Memes. The recent losses could cause even more investors to reconsider their investments and adjust their trading strategy.
After the great success of PEPE, numerous other meme coins followed, which, for example, collect fresh capital through a pre-sale. At Wall Street memes that’s almost $15 million. Money that other meme coins lack.
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About the author: Stefanie Herrnberger works as a freelance speaker and editor. Her many years of professional experience in the areas of blockchain, cryptocurrencies and NFTs offer her the perfect background to report on current news and developments on decentralized and central financial markets. Stefanie has been investing in cryptocurrencies for several years. She understands the challenges and opportunities for crypto traders. Publications: https://de.cryptonews.com/editors/stefanie-herrnberger https://blockchain-technologie.digital/ https://www.facebook.com/groups/cryptonewsde/