Dogecoin (DOGE) in early 2021 recorded a price of just $ 0.005 before rocketing to an all -time high (ATH), $ 0.73 last May.
However, when Bitcoin (BTC) made a big correction, causing the entire crypto market to be affected, DOGE was among the cryptocurrencies showing a rapid rate of decline, a signal that the asset bubble had burst.
Based on records, since May 8, Dogecoin has shown a price drop of more than 75% to the value level at the time of this writing, $ 0.20. However, the asset rebounded after hitting $ 0.1667 last night.
Dogecoin may not reach its highest level if Tesla founder Elon Musk does not care about crypto. Because of the hype by the figure, DOGE began to gain attention among investors including institutions.
Then rock singer Gene Simmons, rapper SnoopDogg including Mark Cuban also showed support for Dogecoin.
Yet what is worrying about Dogecoin, despite receiving reforms with joint projects of Chainlink, Solana and Polygon, is that its performance is instead deteriorating. In fact, it depreciates faster than other cryptocurrencies.
Analyst Tyler Durden also supports this observation with the expectation that the Dogecoin price will continue to decline to its lowest level, at least up to $ 0.05.
"Elon himself was not able to save this situation with his tweet."
$ Doge
Even Elon can't save this with his tweets. He's tried and each time he just created another lower high.
0.05 is programmed. pic.twitter.com/fSsrNvWkGS
- Tyler (@TylerDurden) June 18, 2021
