Dogecoin (DOGE) Continues to Struggle, Facing Hard Times Unlike Its Rival Shiba Inu (SHIB)

Despite the downturn, there is a glimmer of hope for DOGE. Changelly, a notable cryptocurrency platform, believes that DOGE might experience a reversal

Dogecoin (DOGE), the meme coin that soared to fame last year, is having a rough 2023. Unlike its rival Shiba Inu (SHIB), which showed a modest recovery today, DOGE continues to struggle. At press time, DOGE was trading at $0.107, reflecting a 0.97% dip in the last few hours.

However, zooming out reveals a bleaker picture for DOGE. The meme coin has seen a 15% decrease over the past week, and its monthly decline stands at 25.99%. This downturn is a far cry from the meme coin’s 2023 high of $0.15.

Another indicator highlighting DOGE’s dwindling interest is its open interest, which currently amounts to $2.51 billion. This figure might seem substantial, but it marks a drastic fall from the earlier days of June.

Since June 8, when DOGE started its downward slide, the open interest has dropped by 80%. To put this in perspective, open interest in DOGE stood at $10 billion at the beginning of June. This massive shift in market sentiment has coincided with the decline in DOGE’s price.

Despite the narrative surrounding DOGE being largely negative at the moment, there is a glimmer of hope for the meme coin. Changelly, a notable cryptocurrency platform, believes that DOGE might experience a reversal in the ongoing trend. This week, the meme coin is expected to see some positive movement.

Investors remain hopeful, speculating that DOGE might reach the 50-cent mark. However, Changelly forecasts that DOGE will only hit this milestone in 2027, with an expected maximum price of $0.5398. During the same year, DOGE is predicted to trade at a low of $0.4724.

Dogecoin’s market volatility has been a topic of discussion throughout the year. The meme coin’s sharp declines are highlighting the inherent risks involved in the crypto market. As DOGE navigates these turbulent waters, the community remains watchful, hoping for the predicted reversal and a return to better days. Until then, the journey remains uncertain, filled with both anticipation and trepidation.

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