Dogecoin Underperforming despite Whale Transactions
Hi everyone! Given that my Shiba Inu is not currently doing very well in the market 😁, I decided to take a deeper look at Dogecoin on Yahoo Finance News these days, and the predictions didn't sound that good either.
Although Dogecoin is still one of the most popular cryptocurrencies (#12 in the Market Rank), its value, like that of the broader market, has decreased by more than 20% in the last few weeks.
Dogecoin is right now at a value of $0.1743
🔻3.82% according to CoinMaketCap
| Whale transactions on Dogecoin |
|---|
| have increased in the last week, and in the last few days, the number of large transactions on the blockchain has increased by more than 148%. |
👇
This might be due to the position of Elon Musk with regards to electric vehicle manufacturers, being open to accepting such payments in Dogecoin and forcing the competition between whales who decided to move lots of money to Doge.
Furthermore, it is suggested that the first NFT has been created by a Doge developer on the Dogecoin blockchain.
However, Dogecoin has been losing ground and even though this investment from whales, it is now no longer in the top ten crypto ranks.
Unfortunately, Dogecoin is struggling with staying in the charts, adding small percentages to its value in the last few days, but we can never know what is going to happen. That's why I am reflecting on buying some Dogecoins. I guess I will wait until the coin drops even more.
It's a meme coin don't expect to much from it, it's mainly for pump and dump
Yes, that for sure. I just want to catch one of these pumps by taking more coins with less money and than taking the money out. But you can never know...
It is because they are both meme coins really.
I have some Shiba Inu not much i just got some for a punt.
If it does well i am laughing if not i lose a couple of squids.
It is all fun and games when it comes to meme coins.
Have a blessed day @maylenasland
:)
I invested also the minimum in Shiba Inu in order to check my luck. People who invested much earlier on meme coins such as Shiba and Doge benefited from the great raising of the coin. Have a blessed wonderful day also! 😉
Yeah it is OK you never know they may make a come back.
Fingers crossed Hey
LOL
@maylenasland
lol
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This is the problem with Tokens that do not have a strong Use-Case. I noticed the value of Dogecoin being tied to the comments of Elon Musk and Mark Cuban in the media.
This is a popular coin, but when the populace speaks of it less and less, the value of the token seems to be following the same trend.
It is popular indeed but it doesn't stand by itself. On the other hand, I think the strong Use-Case is a very good point. I am thinking of those tokens/ coins that are used in games or facilitate a constant service.
I am experiencing that with Splinterlands and the various tokens used in the game for currency. I do not even consider price or value because of the game play 😀
lol...I also play Splinterlands and I rarely check the value of the coins in the game :D
As gamers we have a lot in common 😀
👍
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