It has been a very interesting day for all cryptocurrencies, tokens, and assets yesterday. Although it seemed there would be some positive price momentum waiting to materialize, the end result is rather disappointing. Further bearish pressure has brought the Dogecoin price down again. At this rate, the popular altcoin may very well drop below $0.002 in the coming days.
Dogecoin Price Momentum Remains Bearish
For those people involved in cryptocurrency for more than five years, the current bearish trend makes some sense. It is evident all markets are being kept down after a mega bullish year 2017. Most of those gains have now been completely eroded, yet the situation will remain in place until Bitcoin effectively notes sold gains. For now, that seems incredibly unlikely to happen, as the world’s leading cryptocurrency struggles badly.
Over the past 24 hours, the Dogecoin price has taken another minor beating. Following a 2% drop in USD value and a near 3% loss in DOGE/BTC. It is evident things are not heading in the right direction for the meme currency of the internet in this department. Although this situation can change at any given moment, it is a bit unclear what would trigger a turnaround. Its current value sits at $0.002 or 57 Satoshi, neither of which looks all that great.
The “lack of development” has been a problem for Dogecoin for quite some time now. It seems more and more comments are posted on Reddit regarding this lack of updates, which is not necessarily something one would expect. At the same time, there is a serious question as to which technical developments Dogecoin would really need, except perhaps a reduced coin emission rate.
— Domain Address Info (@DomainAddress4u) January 23, 2019
In a more positive sentiment, it seems there is still a lot of positivity where Dogecoin is concerned. Although some people want to see it hit $1, Jan Hvizdak is confident parity with “worthless paper currency” is vastly overrated. A very strong sentiment, although it is evident there may be some merit to this particular statement as well. Even so, sustaining the current $0.002 value will pose its own set of challenges.
Leave it up to the Dogecoin community to come up with some funny memes every single day. Even though Dogecoin has no main developer, it would appear his memes are still making the rounds these days. CrypToro shared an interesting picture in this regard, as it would appear there is at least one shibe hard at work where Dogecoin is concerned.
As all cryptocurrency markets look incredibly bleak today, it seems unlikely any real Dogecoin changes will occur in the next few hours. While anything can happen in this particular industry at any given time, it is evident the lack of Bitcoin momentum weighs heavily on the industry as a whole. Ensuring things turn around will not happen anytime soon, although one never knows what might happen in the near future.
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.