As the new week dawns upon the cryptocurrency industry, it quickly becomes apparent last weekend was not positive by any means. In fact, all of the top markets have continued to bleed value left, right, and center. Even the Dogecoin price is crumbling under the pressure right now, as it has dropped below the $0.002 support line for the first time in a while.
Dogecoin Price Support Doesn’t Hold
Given all of the bearish pressure on Bitcoin and other top cryptocurrencies, it is only normal the rest of the market will follow suit fairly quickly. Bitcoin has turned incredibly bearish once again as the total crypto market cap dropped below $115bn in the early hours today. As such, all other currencies, tokens, and assets are brought down along with it. It is another big setback for a volatile industry.
The last “bastion of hope” has also fallen. Over the past 24 hours, the Dogecoin price has dropped below the $0.002 mark and is still getting battered. Following a net 3.3% loss in USD value and a 0.17% loss over Bitcoin, there doesn’t appear to be any imminent market reversal on the horizon either. Although the 57 Satoshi level is still pretty decent, any further DOGE/BTC losses will cause a lot of market friction first and foremost.
It is important to note this most recent DOGE value decline has nothing to do with the network or ecosystem in the slightest. In fact, there is still a high average transaction value being broadcasted over the network every single day. Dogecoin has been $2 behind Bitcoin for quite some time now and it is not giving up that position anytime soon. Even so, that alone will not usher in a major market reversal for the meme currency of the internet.
#Dogecoin currently "sending" $32M USD per hr., some see a price to buy and sell others see an awesome technology that transacts instantly with super low fees on a worldwide decentralized blockchain. https://t.co/924UU0KSIt
— mj (@silkmarketindex) January 28, 2019
At the same time, one has to acknowledge Dogecoin has lost quite a lot of traction ever since hitting its all-time high. At current prices, one DOGE is worth 89% less compared tot he ATH. That is an even steeper loss than Bitcoin itself, even though Dogecoin has shown remarkable stability more often than not. Even so, it is impossible to escape the gravitational pull of Bitcoin these days. It is likely this negative spiral will continue for the foreseeable future.
Want to see something funny?#Bitcoin is down 83% from All Time Highs.#Dogecoin is down 89% from All Time Highs.#StoreOfValue
— Richard Heart BitcoinHEXin6wks (@RichardHeartWin) January 28, 2019
Even in 2019, there are still people who oppose Dogecoin for what it was created to be. Mochi, while clearly active as a developer in the blockchain and crypto world, is still not convinced Dogecoin should be where it is today. It has no actual product nor backing, but that doesn’t mean it can’t be successful. It will never be on the same level as Bitcoin, yet it seems unlikely that was ever the objective for the initial Dogecoin creators.
Bad thing about crypto is litterally anyone can make their own currency and claim it to be something great with no product or backing with it. Lol #dogecoin.
But just because a coin does have a product or backing doesnt necessarily mean it's a good idea or will be great.
— Mochi 🐦 (@thatsmochi) January 27, 2019
For the time being, everyone will have to wait and see what comes next for the cryptocurrency markets. The current trend is not exactly encouraging by any means. If the total market cap continues to drop lower, the first half of this week will pose many different challenges. How the Dogecoin value will respond to whatever comes next, is difficult to predict. Anything can happen in this volatile world of cryptocurrencies.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.