Dogecoin, one of the leading tokens in the cryptocurrency world, is undergoing a rough patch. Doge has failed to impress investors by displaying dormant price activity for long, compelling them to look for better coins. This has sparked massive doge dumping activity, leading the token to note further price fall.
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Dogecoin Dump: What’s Happening
Source – Token Metrics
Dogecoin is undergoing a massive dumping haul. The token is yet to impress the crypto audience and investors and continues to note significant price decline, which has compelled its investors to search for better alternatives.
Per a recent post by Santiment, Dogecoin holders have started to decline steadily since October 8th, 2024. The phenomenon is now rapidly growing, with the portal reporting stating how there has been a net drop of 106.6K non-empty wallets.
One of the primary reasons for the recent doge dumping spree has been attributed to the coin’s past performance, which has shown stagnancy in its pace.
“Dogecoin holders are rapidly falling in number. Since October 8th, there has been a net drop of -106.6K non-empty DOGE wallets. Traders have expressed frustration toward the largest meme coin’s performance and have been increasingly looking elsewhere for quick pumps.”
Dogecoin has long been consolidating, unable to break past its critical price barriers, causing a level of frustration within the masses. However, certain crypto experts are still optimistic about Doge, adding that the coin has the potential to turn the tables around for good.
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The Token’s Price Prediction For October
Dogecoin is currently trading at $0.1171 and has failed to show significant price momentum despite Bitcoin’s surge to $67K. The token is still showing signs of slow recovery, with technical markers confirming its slow recovery.
According to CoinCodex, Doge may further note a drop in its price by the end of this month. CC predicts the token to hit a new low of $0.99 by the end of October 2024.
Image: CoinCodex
“According to our current Dogecoin price prediction, the price of Dogecoin is predicted to drop by -13.68% and reach $0.09979 by November 14, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 65 (greed). Dogecoin recorded 17/30 (57%) green days with 5.98% price volatility over the last 30 days. Based on the Dogecoin forecast, it’s now a good time to buy Dogecoin.”
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