While watching the value of Dogecoin continue to plummet, investors have been speculating whether or not this popular cryptocurrency can survive the current bearish market trend. The 2022 crypto market downturn has had a huge negative impact on the DOGE coin project and its price, raising serious concerns about the cryptocoin’s future. Despite the DOGE community’s positive outlook on their revered asset, only time will determine its ultimate fate.
Many people are wondering whether Dogecoin (DOGE) will survive the crypto market crash. The cryptocurrency market is dynamic, and as such, it is prone to fluctuations and changes. One of the most notable changes in the cryptocurrency market has been the dramatic rise and fall of DOGE.
This week, Dogecoin has seen its value plummet further and further. DOGE’s price ranges between $0.063 to $0.072 per coin. Over a year ago, the cryptocurrency was worth more than $0.730 per unit. Since that time, the meme coin has produced five lower highs.
The current crypto market crash has had a major impact on the project and its price. The DOGE’s price had been dropping steadily in the past few days, and that trend continued today as well. At the time of this writing, DOGE prices have set support at $0.05655.
Dogecoin originated as a joke coin based on a popular meme, making it unique in the world of cryptocurrencies. This may be why it has survived longer than any other cryptocurrency. However, this does not mean that the currency is immune to volatility. Dogecoin has experienced many fluctuations over its lifetime.
Dogecoin is fighting its way back to the top
The DOGE community is still optimistic about their asset’s future, though. They have created an infographic showing how much they have gained relative to other cryptocurrencies like Bitcoin and Ethereum, as well as fiat currencies like the U.S. dollar and British pound sterling (GBP).
Since it was founded in 2013, DOGE has progressed to become one of the most popular cryptocurrencies today. The cryptocurrency is known for its fast transaction speed and low transaction fees compared to other cryptos such as Bitcoin (BTC).
The Dogecoin team has been working hard to ensure that all projects run smoothly despite the recent price drop. However, with such low prices and volatility in the crypto market, it is difficult for any project to survive long-term without support from other companies in the space or investors who believe in their long-term vision.
There is no doubt that the cryptocurrency market is experiencing a very tough time right now, but it does not mean that all cryptocurrencies will die out.
The long-term viability of Dogecoin
Though DOGE remains down more than 90% from its record highs, it still survives the bearish trend. There is no telling whether or not the coin will be able to recover from this kind of drop. However, there is a possibility that it will survive. The currency has been around since 2014 and is one of the oldest cryptocurrencies in existence. It has a large community that supports it, which gives it a lot of staying power.
Again if Dogechain is successfully implemented, it will enable Dogecoin to participate in decentralized applications (dApps) and decentralized finance (DeFi), offering some real-life utility to the meme token.
According to Coin Metrics data, the number of new addresses joining the Dogecoin network has been on an uptick since June 2nd. This means that more people are getting involved with this cryptocurrency than before. The fallout from the Celsius Network seems to have affected many previously thriving companies, but this might not be a permanent problem for Dogecoin and other cryptocurrencies.
The long-term viability of Dogecoin will depend on whether or not its developments can continue to improve upon what they have already done so far. On the other hand, if they manage to keep up this momentum, then Dogecoin will likely survive for some time.
If you’re still wondering whether Dogecoin will survive this downturn, it’s important to remember that it has weathered many storms before. It was originally created as a parody of Bitcoin by Billy Markus and Jackson Palmer in 2013; it was intended to be a joke but grew into an actual cryptocurrency worth billions of dollars.