Despite an additional support from Tesla, Dogecoin price continues to plummet. Now, many traders are getting worried about Doge value and its market potential.

For reference, Dogecoin is a popular cryptocurrency based on the Shiba Inu meme. Dogecoin was introduced as a "fun alternative" to Bitcoin but ended up establishing its own digital market.

Due to its massive popularity, Dogecoin was briefly recognized as one of the best cryptocurrencies to invest in. But unfortunately for fans, its recent market performance shows that it is no longer the case.

Dogecoin Price Today: Doge Value Continues Decrease Despite Tesla Support

According to Livemint, Tesla announced Dogecoin as an alternative payment method for its merchandise starting December last year. Tesla encouraged its consumers to use Doge to pay for their "Cyberwhistle" and "Cyberquad for Kids" merchandise.

More recently, Dogecoin has been promoted as a payment method for the newly launched Santa Monica Supercharging Station. This means Tesla owners in the area can charge their car in the station and pay through the meme coins they stored in their e-wallets!

Twitter user Ryan Zohoury tweeted that the Santa Monica Supercharging Station was "almost full" merely 10 minutes after it opened. This proves that a lot of fans are raring to use the said service.

Note, however, that despite the likely massive profits Tesla gained during this launch, this logic does not apply to Dogecoin.

Read Also: President's Day Deals Offers Massive Price Cut On Major Brands: Apple AirPods at $99 and More!

Doge Value: 2022 Bearish Markets

According to Coingecko, Dogecoin is still down to $0.14 at the time of writing. The coin gained a 0.7 percent boost in the last 24 hours, but the number is admittedly lower than fan expectations. Its performance continues to drop drastically when compared to its trades earlier this month at 0.16 percent.

Coingecko's real-time tracker pointed out that Doge value is now 81.1 percent lower than its all-time high of $0.73 last May 2021. Notably, these numbers could put a few traders in despair.

However, it should be emphasized that Dogecoin still grew by 159113.4 percent when compared to its all-time low over seven years ago. In quick summary, Dogecoin is one of the most successful cryptocurrencies in the market, but its overall value is not high.

Dogecoin Price Prediction 2022

Many fans are eagerly waiting for Dogecoin's next big boost, which could replicate its big success in the past. Unfortunately, there is no guarantee that the coin can pull off this market performance for a second time.

FXS emphasized that Dogecoin is retesting its support level at $0.12. If the trades suddenly go bullish, this can signal a reverse where Doge can grow by 27 percent to a $0.16 value.

However, if trades are bearish, Dogecoin could re-establish itself with a new all-time low record.

Note, however, that cryptocurrency markets are generally unpredictable and volatile, so it is hard to determine whether Dogecoin will succeed or not. For now, fans are recommended to wait for further updates and be cautious when investing.

Related Article: DoorDash Shares Soared 12% After Fourth Quarter Revenue Reaches $1.3 Billion