Dogecoin has found itself navigating erratic zones as it struggles to keep up with the impressive price surges of various altcoins in the crypto market.
DOGE Experiences Slow Growth
While the broader cryptocurrency market is preparing for the upcoming bull run and has experienced several upticks from the current industry trends, the price of DOGE has shown slow growth.
Dogecoin was previously hailed as one of the most thriving cryptocurrencies, formerly reaching an all-time high of $0.74 in 2021. The cryptocurrency had a staggering price surge and adoption from the influence of Elon Musk, CEO of Tesla and Owner of X (formerly Twitter).
The Tesla CEO’s tweets about Dogecoin had an uncanny ability to influence the price of DOGE and his supportive comments on the cryptocurrency also contributed to the cryptocurrency’s popularity.
Presently, the price of Dogecoin has not been performing well when compared to other altcoins in the crypto market. While Bitcoin has jumped above a $37,000 price mark and Ethereum has crossed the $2,000 price, DOGE’s price remains below expectations at $0.077.
The increase in these cryptocurrencies may be attributed to several catalysts like the possible approval of Spot Bitcoin ETFs and the confirmation of BlackRock’s Ethereum Spot RTF filing.
However, Dogecoin’s slow price performance has raised concerns among investors and enthusiasts as the cryptocurrency has failed to keep up with rallying cryptocurrencies and the positive sentiment surrounding the crypto market.
Elon Musk Silent On Dogecoin
Musk, often a vocal supporter of Dogecoin, has been unexpectedly silent on the recent sluggish price rise of the cryptocurrency.
While Dogecoin struggles to rally like several other altcoins, the absence of Musk’s usual sentiment and endorsement of the cryptocurrency has left the investors and the DOGE community speculating if the Tesla CEO has abandoned the cryptocurrency.
In most recent tweets, Musk has refrained from mentioning DOGE, focusing more on other topics related to the economy, politics, and SpaceX, a space exploration technologies corporation founded by Musk.
Many crypto investors wonder if the Tesla CEO’s silence on Dogecoin is intentional as he waits for the right time to speak on the cryptocurrency. Others have raised questions on the cryptocurrency’s growth trajectory and the potential implications for the digital asset if Musk has indeed jilted the token.
Presently, many barriers stand between DOGE and its $0.1 target objective. Many crypto predictions have projected the cryptocurrency to reach a $1 and $0.085 mark or have a 20% price spike if it crosses the $0.07 resistance zone.
DOGE recovers to $0.078 | Source: DOGEUSD on Tradingview.com