Dogecoin, a meme-inspired digital asset, was launched in 2013 as a joke. However, with the enormous upsurge of support from renowned figures such as Elon Musk, the cryptocurrency gained significant fame, with its market cap reaching an all-time high of over $90 billion in May 2021. Despite its early creator leaving the project, owing to the immense backing it was receiving, the digital currency continued to rise rapidly and gain recognition as a mainstream asset. Unfortunately, of late, Dogecoin's price has experienced a decline of almost 25% - due to the mounting attention on other meme assets such as PEPE which have been having noteworthy gains. As a result, Dogecoin and any other assets associated with it, such as Shiba Inu, are no longer considered part of the meme asset group. The downward performance of these digital assets has caused investors to lose interest in them, indicating that the craze over meme coins may be slowly fading. Overall, it is clear that with the volatile nature of digital currencies, there is an increasing need to be informed and make measured investment decisions.
Dorothy Reyes
- 2023-05-05
Downward Performance Leads to Loss of Interest in Dogecoin
Despite the early success that Dogecoin experienced due to strong backing, its market cap has seen a 25% decline in recent times. It is no longer considered a part of the meme asset group, leading investors to lose interest.
