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Dogecoin Failure To Launch Worries Investors, But Analyst Says It Could Change Soon

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Despite being the most popular meme coin in the crypto market right now, the price of Dogecoin has not performed as well as investors expected. Instead of following the overall trend of all coins in the space to new yearly highs, the price continued to stall. So far, Dogecoin has proved to be undergoing a failure to launch, but this could be changing soon.

Dogecoin Price Still Stalling

So far in 2023, the price of cryptocurrencies such as Bitcoin and Ethereum have rallied to new yearly highs, but Dogecoin has struggled to perform to the same extent. Even though the price has risen nicely from its 2023 lows of $0.058, it has continued to see only small gains when other assets have been seeing double-digit gains.

At the beginning of December, multiple developments also contributed to a rally that pushed the DOGE price above $0.1, a new yearly high, but barely as high as its counterparts. These announcements included the physical Dogecoin being sent to the moon in December, as well as the DOGE-1 space mission that is expected to take place in January 2024.

However, as the excitement around these events has subsided, the DOGE price has gone back to its lackadaisical performance. Even after Shiba Inu, which is Dogecoin’s biggest rival, rallied 20% on Sunday, Dogecoin did not see more than a 4% increase before falling back down once more.

This slow performance from Dogecoin has been worrying, especially for investors who seem to have been waiting forever for the price to launch. However, according to Galaxy analyst Zack Pokorny, this could change soon following a rise in multiple metrics.

DOGE price succumbs to bear pressure | Source: Go to Source to See Full Article
Author: Scott Matherson

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