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The place now for Dogecoin because the Shiba Inu-inspired token continues to slip?

09/21/2021

Dogecoin slips to the tenth spot on CoinMarketCap, having been leapfrogged by USDC at the moment.

Though the distinction in market cap between the 2 is comparatively surmountable, at $213.4 million on the time of writing, the occasion nonetheless represents a continuous bleed of significance for the controversial meme coin.

Regardless of makes an attempt to revive curiosity in Dogecoin, the $1 value goal that’s been closely promoted by diehard supporters is trying more and more far-off.

With this in thoughts, is it now time to simply accept that DOGE has had its day?

DOGE makes an attempt to recapture its former glory

With regards to capturing the hearts and minds of traders, and never essentially crypto traders, nothing comes near Dogecoin. A lot so, it has spawned numerous copycats, all of which hope to garner only a fraction of its affect.

In some ways, it has superior the crypto trigger immensely by demonstrating that investing could be simply “for the memes.”

On the similar time, this “promoting level” is its personal downfall, in that some declare it’s farcical {that a} meme token, with no apparent use case, can generate the market cap that it has.

One such particular person is monetary advisor Ric Edelman, who blasted DOGE on the idea that its reputation is a hindrance to an trade striving for credibility and legitimacy.

“It was not critical. It has no official use-case. It’s not one thing that I believe is doing the crypto neighborhood any good in its efforts to generate credibility and legitimacy within the monetary market, or approval by the SEC.”

In an try to evolve and recapture investor curiosity, the workforce behind Dogecoin has been making strikes. First, there was formalizing the administration construction on the Dogecoin Basis, and this additionally concerned bringing on board Ethereum co-founder Vitalik Buterin as an advisor.

With that comes discuss of larger integration with Ethereum. Together with a doable change from Proof-of-Work to a extra environmentally sustainable Proof-of-Stake mannequin, as Ethereum is doing in ETH 2.0.

In addition to that, pushed by Mark Cuban, there’s additionally an try to repackage DOGE as a fee token.

However based mostly on its slide in CoinMarketCap rankings, it might appear that traders stay unconvinced.

Dogecoin evaluation

At its peak, in early Could, Dogecoin hit an all-time excessive of $0.74, which represented an unbelievable YTD acquire of 13,000%.

Its $95 billion market cap on the time made it extra beneficial than many real-world corporations that serve thousands and thousands of individuals. This was tough to reconcile with the truth that its solely use case was “for memes.”

Whereas we’ve seen a revival of types previously couple of weeks, $0.35 has proved to be a tricky resistance degree to beat. A 30% drop on September 7 has led to tight-ranging motion ever since.

Sturdy assist could be discovered at $0.17, and by all accounts, a doable re-test of that degree within the coming days is do or die for DOGE.

Dogecoin daily chart YTD
Supply: DOGEUSDT on TradingView.com

Based mostly on the rise of Solana, Avalanche, and Terra, it seems as if traders now favor critical tasks.

Whereas the Dogecoin Basis is attempting its hand by enhancing credibility, asking traders to take Dogecoin severely is maybe a step too far at this level.

The put up The place now for Dogecoin because the Shiba Inu-inspired token continues to slip? appeared first on CryptoSlate.