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- Dogecoin has become the most triumphant memecoin of its time. But like any other digital asset in market, it has received its fair share of hits.
- This has witnessed faith in memecoin diminished subsequently leading to a prominent number of investors exiting dogecoin.
- However, it appears like the worst is not over for the cryptocurrency as tens of thousands of more investor are seeing their way out, painting a dark future for it.
40k Holders Unleashes Their Doge
Dogecoin appears to be losing grounds with respect to its value over previous year and this is bleeding out on its investors. As such, investors are choosing to leave Dogecoin in bulk. Most recent cluster of this exodus contained 40,000 DOGE holders who now have stepped out of the cryptocurrency.
This occurred over a period of 10 days, following the report that Dogecoin has lost more than 700,000 investors. It is a direct effect of an ever fluctuating price where there appears to be no light at the end of the tunnel for now.
After reaching its peak of $0.7 previous year going off the hype from Tesla CEO Elon Musk, Dogecoin has a tough time holding on to its gains. This has resulted in damages of more than 70% of its all time high in a year and is constantly declining.
Source: IntoTheBlock
Total active holders of Dogecoin had topped at almost 4 Million, greatest in any meme currency. But the values has receded to $0.1 level, investors have discovered themselves having to jump out of the ship ir risk inflicting more of their investments.
It is anticipated that more investors will see outside the meme coin ecosystem in upcoming weeks. This is based on fact that indicators displays that DOGE may constantly trend low for both long and short term. Therefore, investors will see the exit in search for tokens that can provide them profits.
Dark Clouds Hovering Over Doge
Dogecoin price has soared on the news of Elon Musk granting permission to acquire social media mammoth, Twitter. Majorly, recovery has branched from the fact that Elon Musk is an avid backer of Dogecoin, and investors in the sector think that he would further push Dogecoin agenda on Twitter.
As this article was being written, Dogecoin was trading at the market value of $0.1313, up by 0.3% during past 24 hours.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
