What is happening to Dogecoin? After a very long rally, the meme coin launched by Jackson Palmer and Billy Marcus is in one prolonged rupture phase. Paradoxically, it began after Elon Musk's participation in the Saturday Night Live which should have launched a new run to the top of its share price. Exactly the opposite has happened, also because in the meantime a communication from the founder of Tesla, the one relating to the intention to no longer accept Bitcoin in the form of payment, ha depressed the whole industry.
Dogecoin: is the party already over?
DOGE fans were looking forward to a big party, before the SNL. Which, however, has never begun, transforming itself into a notable regress, which shows no sign of ending. In the last 24 hours alone, the meme coin has lost more than 7% of its value, with its quotation at 0,28 cents. That is, very far from the dollar that had been indicated as the next goal to be achieved for what has represented a real phenomenon over the last few months.
A regression which could only push insiders and investors to ask themselves a very specific question: for Dogecoin the party is over or is it just a moment of stasis also due to the particular conditions in which the entire cryptographic space currently finds itself?
It is not easy to answer
A question which, however, is not easy to answer. While it is true that according to many the Dogecoin project does not rest on solid foundations, however, it should be emphasized that its popularity is close to that of Bitcoin. So much so on Google Trends the volume of research concerning him is now at BTC levels.
It should also be emphasized that sooner or later the now famous one could start running again Doge Train. That is the train formed by the VIPs who have decided to follow in the footsteps of Elon Musk and spend themselves in favor of an extremely popular token. Which, for example, the citizens of the United States have heard about more than another big player in the sector, that is Ethereum. It therefore remains to understand what could happen in the course of the next market growth. If Dogecoin were to miss the opportunity to make a comeback, it could actually be the end for the meme coin, especially given the growth of what has been called the Doge Killer. Or Shiba Inu.
Beware of the growth of Shiba Inu
In the past few days the luxuriant growth of Shiba Inu has not gone unnoticed. That is a project born with the precise ambition of retracing the footsteps of Dogecoin and presenting himself as his natural antagonist.
There was very little talk of SHIBA until March of this year, when a tweet from Elon Musk, who stated his intention to buy a dog of this kind, was interpreted as a pump and dump in favor of the token. Giving life not only to an increase in its share price of around 400%, but also to one sensational media exposure. Of which Shiba Inu also took advantage in the following period, during which its price was also pushed by the listing on exchange like Binance, FTX and Coinbase.
If at this time the token is in sharp decline due to technical delays occurred in relation to its listing on Coinbase Pro, it could soon resume its run. And for Dogecoin it could be pains.