Dogecoin ($DOGE) may be more pegged to Elon Musk and Tesla than it is to Bitcoin and the crypto market. While other cryptocurrencies are enjoying pump rewards from institutional investment, the first ‘meme coin’ to have corporate collaborations internationally is barely benefiting from the rally. And it needs a win against price resistance to remain a top token.
Today’s $DOGE Coin Price
DOGE token value lies at US$0.082 today aka 8-cents. It’s up under 8% since one week ago, after today’s market correction.
The 8% rise is positive but fairly low compared to Bitcoin ($BTC) and Shiba Inu ($SHIB) who have both enjoyed 20% and 30% increases in that same time frame.
Price Resistance Issues
DogeCoin’s greatest challenge is market resistance. The meme token has failed to defeat resistance for a strong bull cycle since November 29th of 2022. The token rose from US$0.0746 on the 21st of November to US$0.10, almost a 50% increase.
Since then $DOGE has failed to come close to that 3 month high, whereas rival meme token $SHIB has moved past its November 2022 high.
Why $DOGE Prices Are Faltering Behind
One reason for failure to defeat resistance is perhaps Elon Musk’s sudden loss of popularity. Many ‘dumb money’ investors have followed trends sparked by the Tesla brand owner via twitter and other social media platforms. Until he pleases the twitter audience by proving he can improve the texting platform, DogeCoin may fail to find ‘hype’ necessary to create brand value.
Another reason for the failure to see a consistent increase in token value during the bull run and market cap pump — $DOGE itself being fairly inactive. There have been no promising updates from the cryptocurrency brand on inventions, solutions for existent problems, nor improving customer experience.
While 2.4-million users on the Dogecoin subreddit remain optimistic, celebrating small growth, there’s much more work to be done by the brand as far as utility.
Though started years before rival meme token $SHIB, the ‘Dogecoin killer’ could transform into a token with utility and leave behind the ‘useless meme status.’
How Dogecoin Price Could Pump In Early 2023
Dogecoin has published nothing to indicate the popular cryptocurrency is on the path to doing the same. Such news on innovation for usage of the famed ‘wow shiba inu’ faced crypto-coin could be enough to push its value past resistance issues of 2022, in early 2023. However, that’s only optimistic thinking until such news is published by the ‘quiet’ crypto brand.
For now, the price of DOGE remains at US$0.0818 and looks to be trending towards the 7-cents marker by Thursday. Slow growth is still growth, but to lag in a ‘bull run’ that puts the total crypto market back to a US$1,000,000,000 (trillion) cap, things look questionable.