Why is Dogecoin not crossing the $1 mark despite all the hype?

[Fidelia]

I have realized that Dogecoin is still languishing below $1 as it stands now. I had heard so much hype about Dogecoin even before I joined the cryptocurrencies movement. But it seems the coin is all hype and no performance.

Crypto experts, please tell us what could be the possible factors that has made Dogecoin to be performing so poorly despite all the social media noise.

 

[Suba]

It is not surprising that many investors hope that Dogecoin will reach $1. Historically the highest Doge price was $0.74 and currently the Doge price is $0.058. I think there are several factors why Dogecoin is performing so poorly such as:
-. The increase in Doge's price really depends on tweets from famous people such as Matt Wallace, Musk, etc. Of course it's not just tweets but previously they have also bought Doge in large quantities so that the price of Doge rises (Pump) and they will sell when the desired price has been reached (dump).
- Max supply of Doge is unlimited, currently the circulating supply is more than 141 billion Doge, so it is necessary to change the tokenomics with the burning process.
- Limited use of Doge, Doge is rarely used in the DeFi and NFT sectors.
- Whales can control the price of Doge, so it will become a bubble.

 

[Kirubel]

Few years back bitcoin had its highest price ever, and i remember everyone was talking that dogecoin will reach 1$ any time soon and every person who invested on dogecoin was so exited at that moment but dogecoin never passed 0.7$ and now it dropped way down, and i think the price depends on the investors who are investing on the coin,

 

[Suba]

After Musk entered the world of Doge, Dogecoin began to be abandoned by its fans. In my opinion, the price of Doge is difficult to predict, many retail investors suffer losses, although I still have Doge stored in my wallet waiting for the price to rise.

 

[Kirubel]

After Musk entered the world of Doge, Dogecoin began to be abandoned by its fans. In my opinion, the price of Doge is difficult to predict, many retail investors suffer losses, although I still have Doge stored in my wallet waiting for the price to rise.

Yeah Elon Musk used to say different thing about dogecoin, and he told to his followers that he will invest billions on doge and the price will reach to 1$ and people believed him and buy a lots of doge and invest on doge coin but after that i think he sold all his dogecoins and the price dropped.

 

[Suba]

Yeah Elon Musk used to say different thing about dogecoin, and he told to his followers that he will invest billions on doge and the price will reach to 1$ and people believed him and buy a lots of doge and invest on doge coin but after that i think he sold all his dogecoins and the price dropped.

That's one of the whales' games, they can do pump and dump, so they can also influence retail investors and make big profits. That's why I let the Doge I have just sit in my wallet and I'm also not interested in adding more Doge.

 

[Kirubel]

That's one of the whales' games, they can do pump and dump, so they can also influence retail investors and make big profits. That's why I let the Doge I have just sit in my wallet and I'm also not interested in adding more Doge.

You are right they play this trick in order to sell their holdings with a good profit, and that will make us the small investors lose our investment money, i hope it will go up and you can sell your holding.

 

[Suba]

You are right they play this trick in order to sell their holdings with a good profit, and that will make us the small investors lose our investment money, i hope it will go up and you can sell your holding.

One of my hopes for selling the doge that I have is that after the Bitcoin halving, it is possible that the price of doge will also rise in 2025. So I can reduce the risk of loss.

 

[deucher]

I think due to the fact that the project is not developing, and also that there is an unlimited number of tokens that can be bought, therefore, with such schedules, the price will never rise to 1 dollar

 

[mrki444]

Elon don't post anything about Doge but I think he also got warning to stop do that since he could be accused for affecting on market.

 

[King Belieal]

Maybe, the developers should just do a halving to see if the reduction in supply would make the value of the token to rise in price.

 

[Nomad]

There is no max cap for dogecoin, it has unlimited supply, therefore, I do not think the price will ever reach $1

 

[riberet19]

I think that for Dogecoin to reach a dollar at the moment it is, a massive amount of money would have to enter its ecosystem, I don't think that is going to happen at the moment, also as Nomad says it is a very inflationary cryptocurrency...