Dogecoin, once the star and moon of Elon Musk’s eyes, is now struggling to keep up with the tenacity of the crypto market and its extreme volatility. While it is true that the market has been subjected to intense bearish market and consistent corrections for a few weeks now, Dogecoin has seen the worst of it all; even before the initiation of the bearish market and the corrections, Dogecoin was subjected to intense volatility, it had no confidence from the investors and no cash influx at all. Even Elon Musk dodged the Dogecoin, and it was left in the static waters, all by itself.
Dogecoin has been hit the hardest among all of the altcoins and even the flagship cryptocurrency; the price cycle has stopped refreshing itself, investors are not pouring any more money, and it seems that all the corrections and volatility of the crypto market have their spears pointed towards the Dogecoin.
In a single day, Dogecoin has lost almost 14.6% of its value and has plunged all the way to $0.069, which is the lowest the crypto has ever been. Not only this, but Dogecoin is underperforming among the rest of the altcoins; only a few days ago, it was the best performing crypto of all of the altcoins, and now everything has changed and is backward.
It would seem the crypto analysts and people who have a keen eye on the flows of the crypto market have suggested that because of the consistent performance of Ether and Bitcoin undermined the performance of the rest of the crypto market.
Dogecoin and Elon Musk
It would seem that once again, if Elon Musk came onto the horizon on Twitter to talk about Dogecoin and how great the coin is, then scales might tip in favour of Dogecoin, but that is highly unlikely to happen. Because everyone knows that when Elon Musk leaves something, he doesn’t bother so much so as to look at it, which is exactly what he did with the meme cryptocurrency.