CoinDesk reports:
Unlike other meme coins, Dogecoin [DOGE] has always struggled to make a huge impact on investors. Elon Musk’s favorite cryptocurrency has only seen a 73% increase in annual growth, a lackluster performance compared to its peers. As of the time of writing, the Dogecoin market seems to continue to be affected by the bear market, with its trading price dropping to $0.1158. The asset has dropped by 5.83% in the past 24 hours, outperforming other tokens such as Toncoin (TON).
In addition to the price, Dogecoin’s market value has also dropped significantly. Dogecoin’s market value has fallen by nearly 6% to $16.77 billion. Meanwhile, Toncoin [TON]’s market value has soared to $18.23 billion, replacing meme coins as the eighth largest cryptocurrency. Dogecoin investors are reconsidering their investment choices. However, they may have to prepare for more turbulence in the future.
Will Dogecoin continue its downward trend?
CoinCodex reveals that Dogecoin will continue to decline in the coming days. Despite the promotion by figures such as Elon Musk, Dogecoin’s price has been in trouble. The asset will fall below its current level, but it will manage to maintain above $0.10.
At the current rate, reaching $1 for Dogecoin may still be a dream. Dogecoin is still 84% lower than its all-time high of $0.7376.
Dogecoin or June coin?
Historically, Dogecoin has seen declines in June. In just the past year, the asset has plummeted by 7.18%, and the year before, Dogecoin fell by 23%. June is a bearish month for the entire market. Although Dogecoin’s low price cannot be attributed solely to its historical performance, the asset’s performance this year is not ideal.
