The fun cryptocurrency, Dogecoin, is not so fun anymore. Since 26th September Dogecoin has been falling and has lost more than $200 million in market capitalization. That’s a big drop considering the fact that Bitcoin and other well-known cryptocurrencies have somewhat stabilized.
On September 26th Dogecoin had a market cap of $684 million and currently, it has a market cap of $432 million. That’s a $252 million drop in price in a month.
According to Twitter and Reddit communities, the lack of positive news around Dogecoin and a general bearish sentiment against the cryptocurrency markets are major contributing factors for the price drop. In the month of September and October, no new listings of Dogecoin occurred, which can be one of the biggest contributing factors in the price of cryptocurrency.
Dogecoin is down by 4% in the last 24 hours and the bearish sentiments continue. $0.0003 is a crucial support for Dogecoin, and if it breaks it will cause panic among Dogecoin investors. Dogecoin is currently trading at $0.003725.
Good time to buy Dogecoin?
Dogecoin has always performed in cycles. The price constantly drops and then rises suddenly and then starts dropping again. The Dogecoin community believes it’s better to wait until Dogecoin’s price stabilizes, as the market is showing huge bear sentiments.
Dogecoin Price Cycles. Credits: Coinmarketcap
Edit: Changed the term from Billion to million in heading
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