Over the last seven days, the price of dogecoin (DOGE) has plunged more compared to any of the leading cryptocurrencies in the market. Dogecoin’s 12% weekly drop does not bode well for the meme-based crypto.
The “joke” cryptocurrency is currently trading at $0.2163, based on figures by Coingecko, Thursday.
Holders of dogecoin won’t be so enthusiastic seeing the crypto perform miserably in the market by such a degree in the past few days. While bitcoin and ethereum have had their share of wild swings over the period, dogecoin is beginning to crack under pressure.
The tongue-in-cheek cryptocurrency that has been promoted as a pet project by Tesla chief executive Elon Musk, has suddenly caved in — shedding 10% of its value in the last 24 hours.
The Dogecoin price has retreated after YouTuber and dogecoin investor Matt Wallace announced that he was acquiring a new Tiger King-branded digital asset.
The Dogecoin price structure is crumbling as it falls below key support levels. If this pattern continues, investors can expect the crypto to sell off until it finds a secure demand barrier, analysts say.
Edelman Financial Engines founder Ric Edelman spoke with Yahoo Finance Live about cryptocurrencies.
He said investors should keep a close tab on bitcoin and ethereum but pointed out that investors should “ignore” dogecoin.
According to Edelman, dogecoin is nothing more than a “joke and a scam,” and it is “something that ends very badly.”
Not this guy
On the other side of the fence, Glauber Contessoto – the “Dogecoin Millionaire” – said he would be accepting payments in DOGE. He posted a comment on Twitter on July 6 confirming the same.
Meanwhile, data provided by TradingPlatforms.com show that 25 percent of crypto investors in the U.S. have chosen dogecoin this year, compared to 15 percent of them in Britain.
The Measure Protocol data showed dogecoin was the third most popular cryptocurrency to own both in the U.S. and the UK. However, bitcoin still leads the pack in the two countries, with an 81% and 70% ownership rate, respectively.
Image courtesy of Cointelegraph News/YouTube