In the past week, the market performance of Dogecoin (DOGE) has remained sluggish. As of the time of writing, the asset price is reported at $0.1669, down 1.88% in the past 24 hours, with a weekly decline of 8%, leaving investors expecting a rebound in May facing a setback. From a technical perspective, DOGE has fallen 2.4% on the daily chart and nearly 5% on the weekly chart, but it still maintains a slight increase in the medium to long term — up 4.8% on the 14-day line, with a slight monthly increase of 0.8%, still 4.1% higher than the same period last month.
In contrast to the decline in prices, the Dogecoin network has made substantial progress recently. The blockchain development platform DogeOS successfully raised $6.9 million, led by Polychain Capital. This funding will be used to enhance the DApp development capabilities of the Dogecoin blockchain, focusing on consumer-level application scenarios and promoting the improvement of its decentralized financial service ecosystem. It is worth noting that DogeOS aims to build an on-chain innovation bridge for the Dogecoin community through innovative use cases and broader application integration. However, up to now, this positive news has not yet translated into price support.
Market analysis shows that Dogecoin may continue its adjustment trend in the short term, with the price potentially dipping to a low of $0.159001 in mid-May, which represents a significant decline from the current level. However, a rebound may occur by the end of the month, at which point a substantial increase may be seen.
There are several potential catalysts in the current market:
Regulatory progress: The U.S. SEC may approve the first Dogecoin ETF within the year, with the policy direction of the new chairman, Paul Atkins, seen as a key variable;
Expansion of payment scenarios: Elon Musk's X platform may incorporate DOGE into its payment system, as multiple companies under this long-time supporter have already accepted Dogecoin payments;
Improvement in the macro environment: Expectations for a Federal Reserve interest rate cut are rising, which could lead to liquidity injection into the crypto market, benefiting assets like DOGE from the return of funds.
It is worth noting that the current round of market volatility is mainly driven by institutional funds, while retail participation remains low, and it will take time for investor sentiment to recover.
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