Dogecoin investors struggle for another week as the meme coin continues to drop in value.
Dogecoin has lost over 55 percent of its value since last week, and predictions say that it might still get worse. Elon Musk tweeted that "Yeah, I haven't and won't sell any Doge," but unfortunately, risks remain skewed in the dangerous side for the once-joke crypto.
The cryptocurrency Dogecoin has left a strong impression on the internet as one of the most dynamic and unpredictable markets. Less than a month ago, Dogecoin held a record for being the cryptocurrency with the highest growth rate, proportionate to its sudden drop in these last few days. Here is a brief report on the Dogecoin value:
Dogecoin Price Prediction: Value Still at Huge Risk of Decrease
FXS reported that Dogecoin showed a massive crash starting last Wednesday. The chart in the report indicated that the Dogecoin value decreased in a straight drop, starting at 52 percent before falling to 39 percent and finally 31 percent value by the end of the week.
A prediction on the Dogecoin goes as follows: if the Dogecoin holds on to a $0.2602 value, then a fresh wave for the cryptocurrency and its recovery is still possible. However, if the drop reaches a $0.1950 mark, then the meme coin is at risk for a total breakdown.
Elon Musk Tweet on Dogecoin Value
The Dogecoin value has been especially erratic, thanks to the influence of the self-proclaimed "Dogefather" Elon Musk. A lot of expectation was built on Elon's SNL appearance as the Dogecoin speaker in hopes to bring the meme coin's value beyond $1. However, contrary to expectations, Dogecoin has steadily lost value since that day.
Investors wonder what other tweets Elon could come up with that could save or destroy the meme coin and its market. User @heydave7, however, believes that Elon would not sell his Doge holdings. Surprisingly, Elon responded to the comment on May 21. But, unfortunately, even the recent tweet did not improve Dogecoin's market standing.
Yeah, I haven’t & won’t sell any Doge— Elon Musk (@elonmusk) May 20, 2021
Dogecoin and Cryptocurrency Price Risk
Financial Express noted that not only Dogecoin, but even other prominent cryptos like Bitcoin, Ethereum, Cardano and Binance Coin have all dropped in value over these last seven days. For example, Bitcoin has dropped from a $48,696 value to a $34,224 by the end of the week. Ethereum also started out with $3,730 and dropped to a near $2,000 as of time of writing.
The decline was ultimately linked to Musk's tweets, such as the retraction of the Bitcoin payment method from Tesla.
In the face of this massive crash, it would take more than a few weeks for the cryptocurrencies to make their full recovery.
Dogecoin started from a meme Shiba Inu to one of the biggest markets that investors have placed their money on. What started as a joke remains a powerful denominator in the cryptocurrency market. However, if you plan to invest in it, be sure that you are aware of the risks that come with its price.
Related Article: Dogecoin Price Prediction: Elon Musk Tweets Give Hope to Meme Coin Investors