Dogecoin (DOGE) enters the top 3 most profitable assets

The profitability of Dogecoin has always been a sensitive topic, as the high volatility of the meme currency was usually a threat to the stability of investors’ portfolios. The most recent 120% run has improved DOGE’s position in the market and placed it in the top 3 most profitable assets, with a market capitalization of over $10 billion.

Over the past two weeks, Dogecoin has gradually lost value despite an explosive performance in November and October. The price of the meme coin dropped from 14 cents to 7 cents in the space of two weeks, and despite bouncing off the local support level, DOGE has continued to move in a downward trend since the beginning of December.

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ITB Chart
Source : IntoTheBlock

The descending volume pattern is another confirmation of the poor state of the meme coin in a market that has not yet returned to pre-crisis values, solely due to proper market making and a lack of interest in the coin from both bulls and bears.

With the lack of rumors and news about Doge’s potential implementation in Twitter, retail investors quickly lost interest in the asset and decided to drop most of their holdings, as the asset’s price dynamics left much to be desired.

The future of Dogecoin doesn’t look too bright either. It is not yet clear whether another “booster” for the coin will appear in the foreseeable future, and with a lack of speculative interest in the coin, another drawdown and rangebound trading could be the most likely scenarios from here on out.

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Dogecoin is trading at $0.08 and has lost more than 2.4% of its value in the past 24 hours after falling below the local trend line.

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