Dogecoin price seems to be grappling with low interest lately. According to many, the number one meme-coin has not been performing well lately. So, what’s behind the waning interest? What awaits DOGE this weekend? Here are the opinions of an analyst…
Analyst: Interest in Dogecoin has waned
According to analyst Best Owie, the recent drop in Dogecoin price is partly due to the price drop from the previous week. But it’s also partly due to decreased interest in the project due to poor performance. While other dog-themed cryptocurrency projects have rallied, DOGE has mostly remained low.
The recoveries in the top 10 cryptocurrencies were not reflected in the meme coin either. Bitcoin and Ethereum have seen price rebounds. Dogecoin remained mostly flat in the first half of the week. Until Friday morning, when the cryptocurrency started to recover. For the first time this week, there was a break above the $0.25 resistance.
Dogecoin rival Shiba Inu secures Coinbase listing
cryptocoin.com As we have also reported, the “Doge Killer” Shiba Inu (SHIB) has finally been listed on Coinbase this week. The announcement comes less than a week after Coinbase announced that it had listed the meme coin on its trading platform. Meme coin’s biggest competitor was previously listed on Coinbase Pro. Yesterday, Coinbase released an announcement that the cryptocurrency is now listed for trading on its main website, Coinbase.com.
The price of the Shiba Inu rose after this news. After posting gains of up to 35 percent, the price of SHIB peaked at around $0.00000970, Friday morning. The meme coin project has hit the top of the last three months and has regained the interest of the community. The first meme coin also benefited from this move. Dogecoin has seen some price action on its side, while the price of Shiba Inu has risen. The price, which hovers below $0.23, saw an increase in price in the early hours of Friday. Dogecoin rallied as high as $0.259. It just retraced immediately after retesting $0.26.
How will the Dogecoin price move over the weekend? The analyst explained
While a recovery above $0.25 is crucial for Dogecoin, holding this position turned out to be an impossible task, according to Best Owie. The analyst says that the cryptocurrency “only managed to stay above $0.25 for a few hours before the bears stole it.” It successfully pulls the price back to previous levels before the early rally seen on Friday morning.
According to the analyst, the coin saw minor improvements as it posted gains above its 24-hour low. It is currently trading at $0.24, but it is still experiencing the effects of multiple declines that have shaken it throughout the day. Price could pick up a bit as the weekend approaches, with low levels of volatility. Best Owie concludes his analysis by saying, “Given its current movement compared to top cryptocurrencies, Dogecoin’s gains may not match expected returns on top cryptocurrencies like Bitcoin and Ethereum for the weekend.”
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