Most successful memecoin of its time Dogecoin have come down amidst the big support from Elon Musk. In recent days weeks there is exiting of investors from dogecoin in mass. The latest one being the exit of 40k dogecoin holders. Now it constitutes to a total of 700k investors in the last ten days. After its ath value through the hype of Elon Musk, the market have crashed down causing it reach 70% down the Ath value.
The price of dogecoin pumped once after the news of Elon Musk buying Twitter. This happened as Elon Musk is supporter of Dogecoin. Investors and holders believed of Elon Musk pushing the dogecoin market, but nothing big has happened and now dogecoin have once again back into the usual trend of trading.
Actually Dogecoin is an old project that is already popular, but because Dogecoin was only made for joke purposes, the price is very hard to go up.
I also mostly use Dogecoin to move my funds from one exchange to another, that's because Dogecoin does have low transaction fees. But ever since
Elon Musk invested in Dogecoin and promoted it via Twitter, then the price increase drastically in 2021. The price of Dogecoin in 2021 is almost $1,
but unfortunately the high rise of Dogecoin did not last long, even before reaching the price of $1, Dogecoin has experienced a very drastic decline
until now.
Then there is the news that Elon Musk has officially bought Twitter, of course this news is a positive thing for crypto supporters. Especially
for Dogecoin holders, they are optimistic that the price of Dogecoin will pump again in the near future, because Elon Musk is indeed known as
a supporter of Dogecoin. Although until now the price of Dogecoin has not shown a significant increase, like what happened in 2021. Possibly in
the near future Elon Musk will again promote Dogecoin, to push the price of Dogecoin up. Because Dogecoin has been in the spotlight of many
people since Elon Musk officially bought Twitter. But there is no guarantee that Elon Musk will succeed in making the price of the Dogecoin pump
a second time. Because enough people are starting to realize what Elon Musk is doing just for his own sake, so I'm a little doubtful the price of
Dogecoin can pump this year.