The current state of Dogecoin price is still shaky. Investors are expecting another decline. On August 20th, the price was $0.32. It then sharply declined for most of the week, hitting a low of $0.26. On August 27th, it’s stuck at $0.28. So, what is the future of Dogecoin?
Dodge coin breaks support and drops down further
The bulls were ready. Dogecoin started an uptrend on August 13th. It broke the $0.28 barrier the next day. This bullish trend went up for two more days. However, it struggled to hold the price above $0.35, triggering a bearish downturn.
It’s now struggling to go past $0.28. Experts suggest that the price may go down further and reach the $0.22 price point.
Dogecoin is still one of the top ten biggest cryptocurrencies by market capitalization. Speculative actions by wealthy investors dictate its value.
Dogecoin is not the only one going down
Most major cryptocurrencies traded slowly this week. In fact, seven out of 10 cryptocurrencies went down. Binance Coin still managed to grow by 4%. As major cryptocurrencies took a hit, Dogecoin suffered the most, declining by over 4%.
On May 8th, 2021, Dogecoin hit its all-time high at the $0.73 price level. At the time, Dogecoin devotees were optimistic that it would hit $1. In fact, Elon Musk, who some refer to as “The Dogefather”, sent this price soaring by a couple of tweets.
Sadly, the price later reversed. Compared to May 8th, Dogecoin has gone down over 61% in four months. This coin, which started as a meme coin, has had made quite some roller coaster moves in 2021.
Why are multiple cryptocurrencies bearish?
The increasing volatility came as Gary Gensler, the new Securities and Exchange Commission (SEC) chairman, triggered a freak-out. When talking to Bloomberg, he said that cryptocurrency trading is linked to fraud. He told Congress to increase its oversights on the crypto markets.
There have also been many hacking fears. The biggest scare came when Poly Network lost $610 million. That was the worst hack in crypto history.
However, this turned out to be an ethical hack. The hacker returned the bulk of the funds and claimed that he was an ethical hacker aiming to expose vulnerabilities. Poly Network later awarded the hacker $500,000. That’s what they called a “bug bounty”.
So, will Dogecoin hit that coveted $1 mark? Or will it keep going down? Only time will tell. But if you want to be amongst the early adopters, here’s our guide on how to buy Dogecoin online in 2021.
