Dogecoin, the largest meme coin by market value, has been outperformed in annual performance by smaller competitors who have seen parabolic rallies. Coins like PEPE, FLOKI, and BONK have risen to the third spot, rewarding early investors with significant gains. In contrast, Dogecoin’s fate seems tied to the whims of Elon Musk, who recently expressed disinterest in cryptocurrencies during a Space broadcast, disappointing many followers.
Musk, once a vocal supporter of Dogecoin, jokingly calling it the only real cryptocurrency, appears to have shifted his stance, aligning more with crypto skeptics like Lummis or Warren. This change in sentiment has left Dogecoin’s price languishing in a range that was previously a selling zone in November 2022, January, and April 2023. The coin struggles to break above a ceiling price of $0.106, which would require either Musk’s intervention or a shift in liquidity back to older altcoins like ETH, XRP, or DOGE itself.
Currently, Dogecoin is not witnessing much demand, and its price isn’t rising as desired. However, it is not entirely silent to Bitcoin‘s rally, as it has managed to stay out of the previous selling area. A potential short-term boost could come from Musk’s holiday tradition of dressing up his dog, which could influence the price to surpass the $0.106 mark.
There’s anticipation for Dogecoin’s physical journey to space aboard a SpaceX rocket, as the DOGE-1 mission has been confirmed for January. This event could be part of a larger global campaign or advertisement strategy by Musk, raising the intriguing possibility of Dogecoin in space.
In the medium term, Dogecoin’s trajectory seems heavily dependent on Elon Musk’s actions and endorsements. The community awaits any potential moves by Musk that could reignite interest in the meme coin and propel its value forward.