DOGE’s price is down 20% since the Coinbase listing but on the other hand, Bitcoin remains stable as we can see in today’s Dogecoin news price analysis.
Dogecoin is the cryptocurrency invented as a joke but it is now considered by its growing number of holders as a serious asset and it is struggling. The meme coin is down over 20% in the past week despite being listed on Coinbase. DOGE’s price is down 20% since it was listed on coinbase a week ago while bitcoin despite taking hits since May, is trading sideways for a few days now. It seems that the Coinbase effect is no match for the Elon Musk effect these days. Musk called DOGE his favorite cryptocurrency and accepted the title of the “Dogecoin CEO” but he also has a habit of moving the crypto market with his tweets.
And though neither is doing well at the moment, Dogecoin’s tokenomics make it so 10,000 coins are added to the network every minute, now it is faring much worse as the coin has lost 2.5% of its value in one day and because so many coins are minted fast, the crypto depends on being bought up. BTC on the other hand seems to have recovered from the past few weeks of bearish sentiment. The biggest crypto by market cap was battered by Elon Musk and his tweets and then we saw the huge sell-off when China’s central bank and companies said they will limit crypto transactions.
BTC then suffered again at the start of this week when the US authorities announced they recovered $2 million in BTC from a ransomware attack on the Colonial Pipeline which led to another sell-off. Bitcoin is now trading at $37,000 which is about where it was a few days ago and while this is not great for the holders, it could be a sign that the tide is shifting. By contrast, Ethereum is the second most valuable cryptocurrency by market cap and it is having a harder time over the past week. ETH lost about 15% of its value and was trading at $2,413 but if you remember, the coin was close to breaking $5000.
While some market entrants expected DOGE to do better, it over-performed already as it is the sixth biggest cryptocurrency with a market cap of $41.4 billion.
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