Dogecoin Taken Over By Toncoin Amidst Market Downturn
Unlike other meme coins, Dogecoin has been struggling to make a significant impact on its investors. Elon Musk’s favorite cryptocurrency saw a yearly rise of just 73%, which is bleak when compared to its counterparts. It looks like bearish blues continued to haunt the DOGE market as it was trading at a low of $0.1158. The asset dipped by 5.83% over the last 24 hours, being outperformed by other coins such as Toncoin (TON). Along with its price, Dogecoin saw a massive dip in its market capitalization as well. DOGE’s market value declined by nearly 6% and was at $16.77 billion. Meanwhile, Toncoin saw a surge in the same category to $18.23 billion and took over the meme coin’s spot as the eighth-largest cryptocurrency. DOGE investors are reconsidering their investment choices. But, they might have to gear up for more turbulence ahead.
Will Dogecoin Continue Its Downtrend?
CoinCodex revealed that Dogecoin will continue to suffer in the coming days. Despite promotions from figures like Elon Musk, DOGE has been struggling in terms of price. The asset will dip lower than its current level but it will manage to maintain itself above the $0.10 mark. With its current pace, hitting the $1 mark might remain a dream for the meme coin. Dogecoin remains 84% below its all-time high of $0.7376.
Is It Dogecoin or Is It June?
Historically, Dogecoin has seen a dip during June. Just last year, the asset plunged by 7.18%, and the year before DOGE dipped by 23%. June is a bearish month for the entire market. Even though DOGE’s price rut can’t be entirely linked to its historic performance, the asset has failed to fare well this year.
Dogecoin may have loyal supporters, but the market forces and historical trends suggest that it will continue to face challenges. Investors should keep a close eye on market movements and be ready for potential downturns.
