CandleFocus Dogecoin Slows Following Monster Gains—What Happened?
2024-11-21
Author: Content Editor
The price of Dogecoin (DOGE) has experienced a modest drop of 0.5% over the past 24 hours and 2.5% since last Wednesday, after touching a three-year high price of $0.43. Other canine-themed tokens, such as Shiba Inu (SHIB), Bonk (BONK), and Dogwifhat (WIF), are also down, except for BONK which remains in the green. However, a new meme coin called Just a Chill Guy (CHILLGUY), inspired by a viral TikTok video, has surged 400% in the past day. Dogecoin's slowing momentum is attributed to the fading attention and hype around recent events and the pullback is considered a common occurrence for meme coins. Altcoins in general are experiencing relative weakness as Bitcoin's outperformance pulls liquidity from them. Additionally, potential shifts in Dogecoin mining, including merged mining with Litecoin (LTC), may be causing miners to dump their holdings while the price is high. Despite the dip, Dogecoin has still seen significant gains of over 163% in the past month, largely fueled by Elon Musk's support and promotion of the cryptocurrency.
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