Dogecoin co-founder Billy Markus shared a relatively ironic tweet about the bear market. Accordingly, Markus, who frequently shares on Twitter under the name of Shibetoshi Nakamoto, talked about what the long-standing bear market brought.
Dogecoin inventor talks about bear market
According to the inventor of Dogecoin, the bear market has brought us literally “nothing”. This tweet seems pretty empty on the face of it. However, when we look at the price performance of DOGE in 2022, it has a very important aspect. The long-running bear market for DOGE actually started after the 2021 rally. The DOGE bear market came during the support of Elon Musk. At that time, the bull run in the general cryptocurrency market was continuing and the DOGE price had reached $ 0.73.
After this rally, the cryptocurrency market witnessed a sell-off from institutional investors and whales. Due to use cases and a lack of fundamental value during this selling period, Dogecoin’s price plummeted. In addition, this decline continued with all cryptocurrencies in 2022. Meanwhile, there have been some events that have the potential to raise the Dogecoin price. However, the entity did not react to them. For example, Elon Musk said in some of his tweets and interviews that people can buy Tesla products by paying DOGE.
DOGE price keeps falling
Despite the support of Elon Musk and the DOGE community, the asset continues to lose value. There is also no indication that DOGE will exit the long-term bearish outlook. The closest example to this appeared in August. At that time DOGE was doing a rally. This attempt to exit the bear market took place on August 16. The initiative triggered a 30% increase in DOGE price in a few days. It also made it one of the most notable cryptocurrencies of August.
Alright what now? At the time of writing, Dogecoin continues its price action around $0.06. It also continues to move in a long-term consolidation range. However, DOGE, like its rival Shiba Inu, has low liquidity and volatility. Due to the current global inflation and uncertainty, investors seem not to invest in extremely risky assets like meme coins. Therefore, DOGE price may not exit the bear market for a long time.
Elon Musk’s support for Dogecoin continues
Meanwhile, despite the poor price performance, Elon Musk continues to support Dogecoin. cryptocoin.com As we have reported, Tesla recently released a product collection called “CryptoWhistle”. Accordingly, users will have the advantage of purchasing these Tesla products with DOGE payment. Inspired by Tesla’s Cybertruck, this collection soon sold out. Despite this, however, a notable rise in the DOGE price did not occur.
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