As is usually the case in the cryptocurrency world, weekends can easily negate any positive momentum built up by different markets. In the case of Dogecoin, things have gotten significantly worse over the past few days it seems. More specifically, the Dogecoin price now sits well below $0.002 with no immediate indication things will improve.
Dogecoin Price Slump Continues
Although one would normally expect Dogecoin to buck the overall market trend, this is not happening as of right now. In fact, it seems there will be even more market pressure on this altcoin over the coming days, which is very similar to what Bitcoin is facing right now. A very unusual development, yet it also shows the overall interest in the meme currency of the internet is fading quickly.
Over the past 24 hours, Dogecoin lost another 2.5% in both USD and Bitcoin value. This latest deficit brings the Dogecoin price to $0.001886 or 54 Satoshi level. While this latter aspect is still somewhat promising, it is not the trend investors want to see right now. Instead, they prefer an increase in DOGE/BTC even if that means losing out on USD value. This ongoing struggle also pushes the DOGE market cap to $222.8m, which is quite low compared to a few weeks ago.
Despite this ongoing price debacle, there is still some positive momentum to take note of. More specifically, there is a new update coming to the Key4Coins website which will depict prices in Dogecoin across the platform. To get more people interested in cryptocurrency, publishing prices in DOGE value is one way of attracting positive attention along the way. It is a minor change which is not in effect right now, yet it gives the DOGE community something to look forward to.
There also appears to be a new crowdfunding campaign involving Dogecoin. Following the success of the DogeCar a few years ago, it now seems a DogeTruck is waiting to be funded. The dedicated GoFundMe campaign aims to raise $50,000 in total, which is quite a significant amount. It will be interesting to see how the community responds to this new “challenge”. Spreading the word about Dogecoin remains an ongoing challenge, as cryptocurrencies are not of great interest to the general public right now.
— Domain Address Info (@DomainAddress4u) February 4, 2019
Last but not least, there is some dismay over the recent Super Bowl halftime show. More specifically, not everyone is in favor of the halftime show, which has become somewhat of a theme in most recent years. DogecoinKing is confident paying these performers in Dogecoin would have been a better option as it could have potentially made for a much better show. A bit of an unusual sentiment, although there could very well be some merit to this statement as well.
— The Tennis God (@Thetennisgod1) February 4, 2019
When looking at the bigger picture, it seems unlikely any real Dogecoin uptrend should be expected in the coming hours or days. As long as Bitcoin remains in the dirt, most, if not all other top markets will follow suit. That is an unfortunate aspect of the cryptocurrency industry, albeit most people have gotten used to this situation by now. As such, it will be interesting to see what happens over the coming days, although more of the same appears to be the most logical outcome at this time.
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.