This month, Dogecoin has performed poorly, plummeting 36.78% over the past 30 days.
Both market value and trading volume have declined, putting pressure on DOGE.
Dogecoin's market value has experienced a significant decline, dropping by 11.91% to $28.46 billion. At the same time, its trading volume has also plummeted by 30.15%, currently remaining at $2.74 billion. The decline in trading volume clearly reflects the retreat of market buying enthusiasm. If this state of low demand continues, the price of DOGE may face further downward pressure.
Nevertheless, compared to the historical high of $0.7376 set in May 2021, DOGE's current price is still down by 73.95%. However, from another perspective, since the historical low of $0.00008547 in 2015, DOGE's long-term increase remains remarkable, with a cumulative growth of over an astonishing 224,676%. This indicates that despite significant short-term market fluctuations, Dogecoin still shows great growth potential in the long term.
Can DOGE still rebound?
Whether Dogecoin can make a comeback largely depends on the improvement of market sentiment. If Bitcoin can regain its upward momentum, then as a representative of meme coins, Dogecoin is also expected to rebound with this trend. However, currently, Dogecoin lacks obvious upward momentum, and to break through the key resistance level, it still needs strong buying support.
Although this month's decline has caused concern among many investors, we should not overlook the long-term growth trend of Dogecoin, which remains an important reference for assessing its future potential. Once market sentiment warms up, Dogecoin could indeed see a rebound opportunity. However, during this process, investors still need to maintain a cautious attitude, closely monitor market dynamics, and look for key recovery signals to make more informed investment decisions.