Is Dogecoin Doomed? DOGE Price Crashes as Competitor Raises $500,000
Traders are asking whether crypto’s biggest and oldest meme coin Dogecoin (DOGE) might be doomed in wake of the DOGE price crashing to its lowest level since late-February just above $0.11, with some traders instead shifting their focus to a new competitor, whose just launched presale recently surged past $500,000.
The DOGE price dropped 6.5% on Thursday, taking weekly losses to more than 10%.
Dogecoin is currently probing key long-term support in the $0.1070-1130 zone. A break below here could open the door to a short-term drop back below $0.10.
Its worth noting that the DOGE price found strong resistance at its 200DMA in recent weeks.
That suggests that bears remain in control of the market, and risks remain tilted towards the downside.
DOGE price risks are skewed to the downside in the short-term, as the broader crypto market struggles.
Bitcoin continues to face elevated spot market sell pressure from miners, the German government. Potentially a wave of Mt Gox related sell pressure could also soon arrive.
That said, claiming that Dogecoin is “doomed” is an overly extreme viewpoint.
Dogecoin remains the king of meme coins, boasting its own decentralized network and a huge community of supporters. These supporters famously include Elon Musk.
If crypto markets rebound later this year on Fed rate cuts and US political tailwinds, Dogecoin is a prime contender to rebound.
The meme coin could well hit new record highs and finally touch $1 in the years ahead.
That’s far from a meme coin that is “doomed”.
That said, its unlikely that investors will be able to extract greater than about 5x gains by investing in DOGE.
And many meme coin investors are hunting much bigger upside, i.e. 50-100x gains.
The best way for meme coin investors to
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