Dogecoin’s future seems bleak as another 40,00 holders decide to leave the meme currency
The rise of Dogecoin has made it the most popular meme currency of all time. It has, however, suffered its share of blows, just like every other cryptocurrency on the market.
Memecoin’s value has dropped dramatically as a result of this, resulting in a large number of investors fleeing the currency. Tens of thousands more investors have withdrawn from Dogecoin, indicating that the short-term outlook for the cryptocurrency is grim.
Over the last year, Dogecoin’s price has fallen, which has had an impact on its investors. As a result, a large number of investors have sold their meme coin holdings. 40,000 DOGE investors have already abandoned the cryptocurrency in the most recent round of exodus.
After the revelation that Dogecoin had lost more than 700,000 investors, this occurred during a ten-day period. An ever-declining price with no end or relief in sight is the primary cause of this. The meme currency has struggled to hang on to its gains since its all-time high of $0.7 last year, thanks to the fanfare generated by billionaire Elon Musk. Nearly the course of a year, this has led to a loss of over 70% of its previous high, and it is still declining.
As of the end of 2017, Dogecoin has the greatest active user base of any meme currency, with around 4 million active users. Investors, on the other hand, had been forced to jump ship when the price had fallen below the $0.1 level.
The meme currency is expected to lose additional investors in the coming weeks. Based on the fact that signs imply DOGE may continue to trend down for both the short and long term, this is a logical conclusion. As a result, they will go elsewhere for more lucrative tokens to invest in.