Dogecoin price drops, but history hints at a big comeback—Here’s why
Dogecoin (DOGE) has plummeted over 6% in the past 24 hours, now trading at $0.226. The broader memecoin market has also suffered, losing a staggering $4.11 billion in market capitalisation. Investor sentiment has soured following reports linking North Korea’s Lazarus Group to a series of rug-pull scams, raising serious security concerns.
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The sell-off extends across multiple memecoins:
- Shiba Inu (SHIB): Down 5.6%, now at $0.0000151.
- Pepe (PEPE): Dropped 7.25%.
- Bonk (BONK): Slumped 7.55%, making it the worst performer among top memecoins.
These digital assets, which rely heavily on hype and momentum, are seeing a sharp decline in confidence as investors pull back.
Security Fears and Weakening Market Sentiment
The latest crypto scams have rattled the market, particularly allegations surrounding Lazarus Group’s involvement. As security breaches become more frequent, trust in speculative assets like Dogecoin continues to erode. Analysts warn that without renewed investor confidence, the market could face further declines.
Dogecoin’s Network Activity Declines
A look at Dogecoin’s blockchain data signals weakening demand:
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