Is Dogecoin Dead in 2024: DOGE Journey and Future Perspective 

Dogecoin is the most popular and largest meme coin by market capitalization. In 2021 Dogecoin amazed the cryptocurrency market with its robust performance and was the best-performing altcoins at that time. However, as time passes, it traps in the bear’s grasp. Now the question arises, is Dogecoin dead in 2024?

The Rise And Fall of The Dogecoin 

Dogecoin surprised everyone in 2021 by becoming the fourth-largest cryptocurrency and the reason behind this is the meme community’s support and various influencers’ support. After reaching the high price of $0.74 and afterwards, it crashed out. 

Dogecoin had a rollercoaster ride in the year 2021 as it hit unexpected highs and plunged exponentially. In the months of January to May, it surged by over 13,000% to a market cap of $70 billion surpassing many cryptos like Polkadot, Cardano, etc.

Moreover, the main catalyst behind the rally in the DOGE is a few tweets from Elon Musk, the CEO of Tesla and SpaceX, who dubbed the coin “the people’s crypto,” and appreciated the DOGE in his tweet saying it entertaining, ironic, and calling it the currency of Earth in the future.

More influencers like  Snoop Dogg and Kiss singer Gene Simmons also appreciate the dogecoin and support it.  Billionaire Mark Cuban, who owns the basketball team Dallas Mavericks, tweeted that his NBA team has undergone 6000 DOGE transactions increasing the confidence of fans in the coin.

Source: Tradingview

Afterwards, the DOGE crypto rose with the bull run along with the BTC which touched a new all-time high at that time and it also got support from the strong DOGE community who boosted the Dogecoin rally.

After the phenomenal bull run, the coin faces a brutal bear market. In the year 2022, the crypto market and the other financial sectors faced challenges due to central banks implementing tighter monetary policies to deal with rising inflation. 

At that time approx $1 trillion was washed out from the crypto market almost 50%. Moreover, the coin has low use cases and low adoption in the payment method which is also a reason behind the fall.

Is Dogecoin Dead?

Dogecoin is not dead yet, as it is still the 10th largest cryptocurrency by market cap and has a strong community on social media. However, it is also not alive and well, as it has lost over 88.70% of its value since its all-time high in 2021 and has been trading sideways for months.

Dogecoin’s main strength is its loyal and passionate community, which has been supporting and promoting the coin since its inception. The coin also benefits from the endorsement and backing of celebrities, such as Elon Musk, Snoop Dogg, and Mark Cuban, who have a large and engaged following on social media. 

Compared to other cryptocurrencies, the meme coin lacks scalability, security, and functionality. The coin also has a high inflation rate, as it has no supply limit and produces 10,000 new coins every minute. Dogecoin was originally created as a joke and a parody of Bitcoin and has no real use case or value proposition, other than being a meme and a fun coin. 

Factors That Can Revive Dogecoin

Is Dogecoin dead? DOGE is not dead but needs revival to find more room to run. Here are a few factors that can revive Dogecoin:

• Dogecoin needs to adopt new technologies and features, such as smart contracts, layer 2 solutions, and deflationary mechanisms, to stay relevant and competitive in the crypto space.

• The meme coin needs to increase its adoption and demand, by partnering with more merchants, platforms, and institutions, that accept it as a form of payment or donation.

• Dogecoin needs to increase its awareness and education, by reaching out to more users, especially the younger generation, who may be more receptive and enthusiastic about the coin.

What to Expect With Dogecoin in 2024 and Beyond?

Dogecoin may still have some potential and opportunities in 2024 and beyond, but it also faces many challenges and risks. Moreover, Dogecoin has been stuck in a narrow range for a long time on the weekly time frame. It has been trading in a consolidation pattern for more than 400 days and recently faced resistance from the upper trendline.

Source: Tradingview

 It may be a good opportunity to buy the DOGE as it has corrected significantly from its May 2021 peak. However, the price action and indicators do not show signs of a reversal soon. The price is hovering around the critical levels and may resume its downtrend if it fails to hold them.

Conclusion

Is Dogecoin dead? No, Dogecoin is not dead in 2024 but is also not thriving. Dogecoin has a long way to go to recover from its massive decline and to prove its worth and potential in the crypto market. Dogecoin may still have some opportunities and possibilities in 2024 and beyond, but it also faces many challenges and risks. Dogecoin’s future depends on its development, adoption, and support, as well as the overall sentiment and trend of the crypto industry.

FAQs

Is Dogecoin Dead or Not?

Dogecoin has been falling for a long time, however, it is the 10th largest cryptocurrency by market cap and has a strong community. It is not dead.

Is DOGE a Good Investment in 2024?

It might be a good time to buy the DOGE because of its corrected value from May 2021. However, the price action and indicators don’t indicate the recovery soon.  The price is consolidating at the critical levels so if it doesn’t sustain it will resume decline.