It is not a period of excitement for the Dogecoin community as the meme coin continues its downward trend after losing much of its value following the recent rise in price. Dogecoin co-founder Billy Markus has remarked on the coin’s challenge to surpass the $0.15 mark.
The software developer has taken to his social media account, Twitter, to air his views on the current price rise of the DOGE and the hurdles it must cross to recover from the recent slump in value on the market. The statement by the co-founder came following reports of the meme cryptocurrency’s performance, which saw it go below the $0.15 level in the market.
The market’s volatility plays a crucial role in determining whether the price of cryptocurrencies appreciates or loses value. Even the most stable token is prone to such occasional setbacks, and how a digital coin regains lost ground rests entirely on changes in the marketplace.
However, Markus tweeted that he is waiting for the DOGE to make a trend reversal back to its position before the brief price decline. He is confident that the DOGE has what it takes to get back to where it belongs. Compared to the previous achievements, the digital meme coin is said to perform way below the expected trading level, making it experience declining value.
Dogecoin mounted up to a record $0.7376 on May 21 last year but failed to maintain its standing for long, making it unable to advance further. The new trend made the Dogecoin co-founder remark that the brief upward movement was not enough to strengthen the value of the DOGE.
The coin’s performance should be consistent enough to make even the top players feel the impact of its capabilities to dominate the cryptocurrency market.
Since attaining the highest market price in its history, Dogecoin has had to experience bearish market conditions, recovering a bit and going way below the recovery process again. For instance, the October 20 peak saw the DOGE hit the $0.3 mark. Afterward, it failed to rally to the same height as before.
The final weeks of 2021 saw the DOGE hit a milestone that Bitcoin could not hold on to, the announcement by Tesla of its readiness to accept Dogecoin as payment for some of its merch. The move came when the company reversed its decision to start accepting Bitcoin in exchange for its product. However, the reversal by Tesla has to do with the mining algorithm of Bitcoin due to environmental concerns.
By partnering with Tesla, Bitcoin sought to leverage its popularity as the most popular cryptocurrency globally by partnering with a means of payment. The deal fell flat after the rug was pulled by Tesla following complaints about the Proof-of-Work blockchain network used by Bitcoin.
Despite the recent setback for the DOGE, Markus is optimistic that the trend is set to reverse, and he is also backing the meme pin to surpass it when the all-time high has been attained.