Bitcoin‘s demand remains high as it surpasses $47,000, with investors anticipating the official ETF approval within 24 hours. The focus will then shift to the trading volumes of ETFs on exchanges. Meanwhile, Dogecoin’s future is uncertain as it faces numerous challenges.
Dogecoin, the largest meme coin by market value, has lost Elon Musk’s support and is struggling to establish its own ecosystem as previously promised by developers. It also faces competition from a plethora of new meme coins.
Without Musk’s backing and the rise of alternative meme coins, Dogecoin may continue to experience difficulties, compounded by persistent selling from miners. The coin’s return to its hype days during Musk’s SNL appearance seems unlikely, especially with alternatives showing potential for significant growth.
Dogecoin’s price has retreated from a peak of $0.108 to $0.074, affected by the market’s focus on Bitcoin and the “sell the news” risk in altcoins. This selling pressure is expected to persist until the ETF hype subsides. Technical indicators suggest a possible short-term rise for Dogecoin, but failure to overcome resistance could lead to further declines.
In conclusion, Dogecoin may continue its negative trend before potentially initiating a movement capped at $0.108. However, the long-term risks mentioned earlier remain significant factors in its trajectory.