Dogecoin Faces Challenges as Interest in Meme Coins Declines: Is a 99% Decrease in DOGE Price Possible?

The value of Dogecoin has decreased by 4% over the last 24 hours, falling to $0.1211 following the FOMC’s decision to maintain interest rates during its meeting yesterday.

This decline aligns with the market’s overall drop of 3%, with DOGE also experiencing a 3% decrease over the week and a 1.5% decline over the month.

Despite these reductions, the meme coin retains a 57% increase over the past year, although this figure is significantly lower than the annual increases seen in other prominent tokens.

While it can be argued that DOGE’s underperformance positions it for a potential rebound, it is equally plausible that it may be experiencing a prolonged downturn.

Dogecoin Faces Challenges as Meme Coin Hype Dwindles: Is a 99% Drop Possible for DOGE?

Similar to many other tokens today, DOGE can at least highlight its oversold status, which typically suggests a possible recovery.

This morning, its relative strength index (purple) dipped below 30 but has started to rise again.

Source: TradingView

DOGE’s 30-day average (orange) has also fallen significantly below its 200-day average (blue), reaching a level that often precedes a rally.

Contributing to a sense of optimism are the coin’s support (green) and resistance (red) levels, which are moving closer together.

However, skeptics may point out Dogecoin’s low trading volume, which is currently at $700 million.

This is a stark contrast to the trading levels of between $4 billion and $7 billion recorded in late March, when it achieved its peak for 2024.

It is therefore reasonable to propose that traders, including large investors, may have lost interest in Dogecoin, as other alternative and meme coins take precedence.

Over the years, $DOGE (Dogecoin)’s Log Breakouts (displayed) have ALWAYS led into massive upsides and prices of, have done so again with a break currently holding!

Now, based on the previous 2 breakouts, each of these runs have consecutively gotten larger, and if we are to see… pic.twitter.com/AXljvJqtW0

— JAVONMARKS (@JavonTM1) July 31, 2024

Nevertheless, some analysts have begun to suggest that Dogecoin may be at the onset of a new bullish cycle, with historical trends indicating potential future gains.

While past performance does not guarantee future results, it is clear that the technical case for DOGE remains quite robust.

In terms of fundamentals, these continue to be quite weak, as the meme token still relies almost entirely on the uncertain prospect of X introducing digital payments at some point.

The social media platform indicated in January that it would implement such payments this year, but there has been little communication on this front in recent months.

Moreover, there is no clear indication that, even if digital payments are introduced, they will involve cryptocurrency, let alone Dogecoin.

For this reason, Dogecoin may continue to underperform in the near future.

It could potentially return to $0.15 by Q4, before reaching $0.2 by 2025.

Emerging Meme Coins Show Greater Potential

Given that Dogecoin appears to be lacking momentum, many traders might opt to explore newer alternatives.

This could include presale tokens, which often experience significant price increases once they are listed, especially if they have had a successful sale.

One token likely to achieve this is Base Dawgz (DAWGZ), a multi-chain cryptocurrency that has already secured over $2.7 million in its ongoing sale.

DAWGZ is among the first multi-chain meme coins available, providing it with accessibility and reach that could enhance its price over time.

Dawgz has passed 5,000 followers!

Maybe all the people who left crypto last week are seeing the light now pic.twitter.com/iINbZ2Wz1W

— Base Dawgz (@BaseDawgz) July 18, 2024

It will operate on Ethereum, Base, Solana, Avalanche, and BNB Chain, with the possibility of additional chains in the future.

Being multi-chain, it could attract significantly greater adoption and usage than it would as a single-chain token.

Additionally, its association with the popular Shiba Inu meme, albeit with a more adventurous base-jumping theme, further supports its appeal.

The coin currently has over 5,000 followers on its X account, which is notable for a coin that has yet to launch.

As a token, DAWGZ will have a maximum supply of 6.453 billion DAWGZ, with 20% allocated to its sale and another 20% designated for staking.

Staking will provide additional motivation to hold the token, aiding in its long-term price stability.

New participants can engage in the coin’s sale by visiting the official Base Dawgz website, where 1 DAWGZ is currently priced at $0.007061.

Purchases can be made using any of the native tokens of the supported chains, with its price expected to rise significantly once it goes live.

Buy DAWGZ Now

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