Dogecoin (DOGE) Struggles To Regain ATH Despite Elon Musk Support, Here Are The Challenges

Dogecoin (DOGE) has been a part of the crypto industry for almost a decade, ruling the meme coins. More than that, it was the beginning of the meme

Dogecoin, a meme coin that has captivated the crypto world for nearly a decade, continues to reign supreme in this unique category. With a market capitalization that exceeds $43 billion and daily transactions valued at over $5 billion, meme coins have carved out a substantial presence in the digital asset landscape. Despite boasting a price that remains below $1, rendering it a meme-based token, Dogecoin paradoxically enjoys the highest demand in the market.

Although Elon Musk, a tech visionary, has extended his support for DOGE, the meme coin has notably failed to approach even halfway to its all-time high (ATH) record. This stagnation marks a striking contrast to the surging demand for the token. Notably, more than three years have passed since DOGE attained its ATH, hinting at an underlying hindrance in its progression.

Delving into the recent price movements, the crypto market has witnessed a mild bullish trend over the past few days, propelling the DOGE price to $0.1121. This shift has also positively impacted the meme coin's market capitalization, which now stands at $16.3 billion. Furthermore, the trading volume for DOGE has reached an impressive $945 million.

Over the course of the week, the dog-themed meme coin has seen a price appreciation of over 11%, while the last 24 hours alone have brought a gain of almost 4%. However, despite these gains, DOGE still remains far from its ATH of $0.7376, which was recorded on May 08, 2021. This marks three years of failure for the meme coin to reach new price heights.

While DOGE's price has experienced some peaks in between, the closest rally occurred in March, where the token's value surged to $0.22, marking its highest price point in years. However, this rally also fizzled out, leaving traders yearning for more.output

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