The first half of 2021 was an excellent year for the meme currency, Dogecoin, as it became immensely famous in no time. The currency even hit a record high of $0.73 in May 2021.
Dogecoin was on a success track, especially after Elon Musk made it public that he was an avid investor in the coin.
The Tesla CEO repeatedly spoke about the meme currency in his interviews and Twitter posts which attracted other investors too.
However, no one is talking about Dogecoin any longer, and the currency is striving hard for stability.
Dogecoin investors can typically be categorized into two types.
The first is the investors who purchased the currency even before Dogecoin was known worldwide, and the second category of investors are the ones who invested after it surpassed the $0.01 level.
Nevertheless, if we look at the investor’s profit, both categories of investors have gained equal profit and loss. As per CoinMarketCap stats, 48% of investors are in profit, the other 48% are in loss, and the remaining 4% are barely breaking even.
Dogecoin To The Moon!
It’s a known fact that meme-coins tend to come into the spotlight because of the hype, and when that trend falls, the currency’s price dips.
Dogecoin is no exception, as the meme-currency is currently left alone, struggling for a strong bull run. At this point, it seems as if only another bout of social media hype could get it going again.
However, that isn’t it. The other thing that can get Dogecoin on a bull run is the DOGE-1 Lunar Mission.
In a nutshell, Elon Musk’s SpaceX company plans to send a Falcon 9 rocket with Dogecoin’s logo on it. If successful, this rocket will carry a 40 kg cube satellite with DOGE-1.
As per the proposal, the DOGE-1 Lunar Mission is scheduled to launch in December this year. This launch is expected to push the price upward significantly- but not for long. Soon after, it is likely to resume the bearish downtrend again.
At the time of reporting, Dogecoin is changing hands at $0.061, with a drop of 1.76% in the last 24hrs.
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Source: https://coinpedia.org/altcoin/dogecoin-drops-62-96-ytd-heres-how-doge-holders-are-dealing-with-crypto-winter/