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Has Musk struck hard? Dogecoin (DOGE) has been abandoned, will its price ever recover?
Elon Musk may have stifled Dogecoin's popularity—can the price bounce back?
By the end of 2024, Musk was one of the factors driving Dogecoin's price upward.
At that time, President Donald Trump appointed Musk and Vivek Ramaswamy to lead the Dogecoin department. Initially, this appointment was beneficial for Dogecoin, but it gradually shifted the public's attention away from the meme coin itself.
Santiment data indicates that on November 12, 2024, the day Musk was appointed, DOGE search volume peaked, with the surge in search volume coinciding with the rise in DOGE price.
Recently, the meme coin craze sparked by PumpFun on the Solana platform has attracted significant attention, causing older meme coins like Dogecoin and Shiba Inu to be overlooked.
Changes in the number of daily active addresses further reveal investors' lack of interest in Dogecoin (DOGE). In November, this indicator soared to an all-time high but has since fallen back to previous lows. This decline in data indicates a cooling of market participation enthusiasm, likely leading to price stagnation or even pushing the market into a bear market.
Dogecoin's price is currently under bearish pressure. As of writing, the trading price of Dogecoin is $0.21, with a slight decline of 0.2% in the last 24 hours.
However, its daily chart pattern supports bullish expectations for Dogecoin's price, potentially pushing it up to $1.
DOGE has remained below the 50-day simple moving average (SMA), which is a key resistance level controlled by bears. After yesterday's decline, it also fell below the 200-day moving average of $0.24, exacerbating the bearish trend.
However, momentum indicators suggest that Dogecoin's price may soon reverse.
#DOGE #比特币价格走势分析
Elon Musk may have stifled Dogecoin's popularity—can the price bounce back?
By the end of 2024, Musk was one of the factors driving Dogecoin's price upward.
At that time, President Donald Trump appointed Musk and Vivek Ramaswamy to lead the Dogecoin department. Initially, this appointment was beneficial for Dogecoin, but it gradually shifted the public's attention away from the meme coin itself.
Santiment data indicates that on November 12, 2024, the day Musk was appointed, DOGE search volume peaked, with the surge in search volume coinciding with the rise in DOGE price.
Recently, the meme coin craze sparked by PumpFun on the Solana platform has attracted significant attention, causing older meme coins like Dogecoin and Shiba Inu to be overlooked.
Changes in the number of daily active addresses further reveal investors' lack of interest in Dogecoin (DOGE). In November, this indicator soared to an all-time high but has since fallen back to previous lows. This decline in data indicates a cooling of market participation enthusiasm, likely leading to price stagnation or even pushing the market into a bear market.
Dogecoin's price is currently under bearish pressure. As of writing, the trading price of Dogecoin is $0.21, with a slight decline of 0.2% in the last 24 hours.
However, its daily chart pattern supports bullish expectations for Dogecoin's price, potentially pushing it up to $1.
DOGE has remained below the 50-day simple moving average (SMA), which is a key resistance level controlled by bears. After yesterday's decline, it also fell below the 200-day moving average of $0.24, exacerbating the bearish trend.
However, momentum indicators suggest that Dogecoin's price may soon reverse.
#DOGE #比特币价格走势分析
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