The veteran meme cryptocurrency Dogecoin (DOGE) has recently kept pace with the overall market trend, but its performance remains sluggish. Over the past week, DOGE has accumulated a nearly 8% decline, showing a clear weakness. As of the time of writing, the price is at $0.1669, with a 24-hour decline of 1.88%. For investors who were optimistic about Dogecoin strengthening in May, this downward trend is evidently a significant blow.
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Meanwhile, the Dogecoin network has also made substantial progress in infrastructure development. DogeOS recently completed a $6.9 million financing round, led by the well-known institution Polychain Capital, aimed at enhancing the capability of developing applications on the Dogecoin blockchain. This round of financing will promote DogeOS to support more consumer-oriented blockchain applications, potentially accelerating the development of the Dogecoin ecosystem and its decentralized financial features.
Although this news helps enhance the utility and ecological expansion prospects of Dogecoin, the short-term impact on the DOGE price remains limited based on market reactions.
Dogecoin Price Prediction
It seems that the upward trend of Dogecoin may temporarily slow down in the coming days. According to CoinCodex's prediction, this globally popular meme coin is expected to further correct from its current level in mid-May, possibly dropping to around $0.159001, indicating significant downside potential compared to the current price. Overall, Dogecoin may continue to maintain a volatile trend this month. However, as the end of the month approaches, the community may welcome a more significant rebound opportunity.
