The Dogecoin [DOGE], unlike other meme coins, has always struggled to make a significant impact on investors. Elon Musk’s favorite cryptocurrency has only seen a 73% annual increase, a meager growth compared to its peers. As of the time of writing, the Dogecoin market seems to continue to be affected by the bear market, with its trading price dropping to $0.1158. The asset has decreased by 5.83% in the past 24 hours, outperforming other tokens such as Toncoin (TON).
In addition to the price, the market value of Dogecoin has also significantly declined, dropping nearly 6% to $16.77 billion. Meanwhile, Toncoin [TON] has soared to a market value of $18.23 billion, replacing meme coins as the eighth largest cryptocurrency. Dogecoin investors are reconsidering their investment choices, but they may have to prepare for more volatility in the future.
Will Dogecoin continue its downward trend? According to CoinCodex, Dogecoin will continue to decline in the coming days. Despite endorsements from figures like Elon Musk, Dogecoin’s price has been struggling. The asset will drop below its current levels but is expected to maintain above $0.10.
At the current rate, reaching $1 for Dogecoin may still be a dream. Dogecoin is still 84% lower than its all-time high of $0.7376.
Dogecoin or June coin? Historically, Dogecoin has experienced declines in June. In just the past year, the asset has plummeted by 7.18%, and in the year before, Dogecoin saw a 23% drop. June is a bearish month for the entire market. Although Dogecoin’s price slump cannot be solely attributed to its historical performance, the asset’s performance this year is not promising.
