Advertisement
DOGEfather is back pushing memecoin up again after weeks of price declines.Reassuring the community recently, Elon Musk tweeted his support for Dogecoin.As expected, the same triggered the uptrend for DOGE.
DOGE-y takes a leap forward
Trading at $0.05 or 5 cents, DOGE doesn't show as much promise as an asset.And, while the decline in the broader market has held back the growth of many cryptocurrencies, Dogecoin has been disappointing its investors since May 2021.
After the cryptocurrency's ATH, it has been constantly falling on the charts.In fact, at this point, DOGE is barely recovering from its lowest point since June 2021.
Dogecoin action price | Source: TradingView – AMBCrypto
In the recent 32% drop, DOGE has fallen into oversold territory and since then it has been gradually returning.Today, along with price action, this figure also jumped 7.77% following the Tesla CEO's comments.
However, not all and every announcement related to DOGE causes a spike.Evidence of the same lies in the fact that despite attracting the attention of the basketball community after supporting the Aliens team of the Big 3 tournament, DOGE was unable to recover on June 13 as dramatically as on June 19.
Musk's influence even managed to counter the effects of the broader market, leading to a rally, despite altcoin volatility being at a 45-day low.
The volatility of Dogecoin | Source: Intotheblock – AMBCrypto
That being said, investors shouldn't really set any high expectations.Especially when this momentary spike will not be able to withstand the weight of the lapse of the market plunge.
Growing fear in the cryptocurrency market has led to Dogecoin's market value falling steadily, bringing it to its lowest level ever.
Dogecoin's market value | Source: Santiment – AMBCrypto
Some real DOGE fans are here…
Despite that, a loyal group of DOGE holders remain unmoved by the development of the market and continue to contribute to the development of Dogecoin's long-term holder group.
The addresses, which have kept their supply for more than six months, have not loosened their grip even as the market has been hit by two crashes.In fact, they are currently acknowledging dominance over 34.5% of the entire supply.
Similarly, the 12-18 month group also increased jurisdiction from 4% to 7% over a two-month period.
Distribution of Dogecoin | Source: Intotheblock – AMBCrypto
So while today may have worked for Dogecoin, it's not enough to get up to 10 cents.So it may need a bigger boost from Elon Musk or may need more support from the broader market.
