Dogecoin (DOGE) has recently fallen from grace. At the time of writing, the meme cryptocurrency is down -32.52% over the past week. What exactly does that mean for the future of DOGE, though? Is Dogecoin done? Here’s the latest on Dogecoin going back up or continuing to fall, and whether that could mean it’s time to sell.
Is Dogecoin going back up?
Dogecoin can recover if traders continue to invest and current investors hold. While DOGE is falling, the meme crypto can recover and start going back up given the right circumstances.
Cryptocurrency is highly volatile, with huge upward and downward swings taking place over the course of a single day. Many factors can influence the market for better or worse — Elon Musk’s recent SNL appearance, for example — making it difficult to predict the future of DOGE accurately.
The present fall of DOGE has ties to the rise of Shiba Tokens (SHIB), which some have dubbed the “Dogecoin killer” online. Despite an initial meteoric rise, the Shiba Inu coin is currently falling. While technically not impossible, earlier calls for a 1 cent or $1 valuation now seem like a distant memory. It didn’t take long for the SHIB bubble to burst, though DOGE is already well beyond being just a flash in the pan.
Everything happening with meme crypto right now is relevant to the current zeitgeist, which will, inevitably, move on sooner rather than later. Whether that will prove to be a positive or a negative for DOGE is unknown, though it seems reasonable to err on the side of the former. The diamond hands will hold as a result, but, for the risk-averse investor, now is also a sensible time to sell. As ever, taking either route is ultimately a gamble based on best guesses.
Stay tuned for updates on DOGE and SHIB moving forwards.