What to Anticipate as Elon Musk’s Beloved Dogecoin Experiences Stutter
Dogecoin, the popular meme coin favored by Elon Musk, is experiencing slower growth compared to other top meme coins. While Dogecoin is currently trading at a market price of $0.06368, down 0.72% in the past 24 hours, other meme coins like Shiba Inu (SHIB) and PEPE are performing better. SHIB has seen a 0.50% increase, while PEPE has surged by 4.57% overnight. The influence of Elon Musk on Dogecoin seems to be fading, particularly since the new Twitter CEO took over.
Elon Musk’s comments about Dogecoin are often seen as endorsements, resulting in significant price rallies. However, his recent warning to not “bet the farm” on the meme coin may have caused some investors to be more cautious about investing in it.
Despite being the largest meme coin by market capitalization, Dogecoin is also one of the most volatile digital currencies in the Web3.0 world. With the ongoing sell-off of the asset, a relatively mild bullish reversal can be expected in the near term. This would be a normal reaction to the current price declines.
It’s worth noting that Dogecoin has historically outperformed other assets, with an average growth of 123% in Q2 since its inception. Although its price is currently down this month, better growth is expected in the future.
In summary, Dogecoin’s growth is lagging behind other top meme coins, and the influence of Elon Musk on the digital currency appears to be diminishing. However, a mild bullish reversal can be expected in the near term, and Dogecoin has a history of strong growth.