Dogecoin Ascent Slows, But Why Are Analysts Still Bullish About The Memecoin?

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Dogecoin Ascent Slows, But Why Are Analysts Still Bullish About The Memecoin? - NewsBTC

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However, with the electric vehicle industry facing a tougher time right now, we might see DOGE perform poorly compared to other memecoins, or altcoins in that matter, in the foreseeable future. Sideways Movement Continues For DOGE As the time of writing, the price movement of DOGE has stagnated and started to oscillate above and below $0.08.

Crypto total market cap at $997 billion on the daily chart | Chart: TradingView.com Related Reading: Aptos (APT) Price Snowballs 147% As On-Chain Development Shoots Up Now that Bitcoin and Ethereum have hit their respective price ceilings, Dogecoin will have a harder time to rally in price in the medium to long term.

According to CoinMarketCap, DOGE has only risen 5.56% in the past week with its biggest gains seen in the monthly time frame. At its current market cap of $11.3 billion, the token is surpassed by other altcoins in terms of growth.