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Dogecoin (DOGE) Price Analysis: Looking Bleak For The Meme Coin

Dogecoin (DOGE) Price Analysis: Hype vs Reality of the Meme coin

Dogecoin (DOGE) has been hovering below the $0.002 mark for a few weeks and things are not looking like changing with recent events. The coin has not had much activity in terms of price movement and there is not a lot to be excited about.

Despite boasting of a loyal user base, Dogecoin has seen little improvements in its technology in recent years and the coin is known as an inflation coin. The coin rose by 0.45% in the last 24 hours which not a large gain is considering the recent bullish run experienced by other cryptos.

Dogecoin (DOGE) Continues To Fluctuate Below The  $0.002 Mark

One of the biggest issues of the coin is its fluctuation range which tends to see the coin make steady gains over time without necessary embarking on a bullish run. There have been articles and opinion written by analysts predicting the coin passing the $0.02 mark.

However, DOGE has continued to wander within the $0.009 region for the past two months and some investors are beginning to lose hope in the coin. We also circulated an article last week about its recent upturn in price with reasons to believe it could rise.

Dogecoin (DOGE) Price Unlikely To Rise To 2017 Levels

It is highly unlikely that the coin can hit the heights of 2017 unless there is a conscious effort to improve the fortunes which could bring the attention of mainstream media. At the moment the coin is popular due to its low price as it is used by many for tipping and other casual purposes.

The token has seen an increase in users in 2019 but that has not really done much to instigate a spike in value for the coin. Doge continues to be viewed by some as a meme coin without many developments for the future.

Bitcoin (BTC) Price Could Be A Saving Factor For The Meme Coin

However, all is not lost as the price of Bitcoin (BTC) largely holds sway in the crypto market and most altcoins depend hugely on its value. It would be no surprise if Dogecoin increases in value on the back of a bullish run by the largest coin in the market.

But at the time of writing Dogecoin (DOGE) has shown little signs that it can emerge from the bearish market stronger.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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