Unlike other meme coins, Dogecoin [DOGE] has struggled to make a big impact on its investors. Elon Musk’s favorite cryptocurrency has seen a year-to-date gain of just 73%, which is dismal compared to similar coins.
It appears that bearish sentiment continues to haunt the DOGE market as it is trading as low as $0.1158, at press time. The asset is down 5.83% over the past 24 hours, being outperformed by other coins such as Toncoin (TON).
Along with its price, Dogecoin also saw a major drop in market capitalization. DOGE’s market cap fell by nearly 6% and is at $16.77 billion. Meanwhile, Toncoin [TON] saw a spike in the same category to $18.23 billion and overtook the meme coin as the eighth-largest cryptocurrency. DOGE investors are reconsidering their investment choices. However, they may have to prepare for uncertainty ahead.
Will Dogecoin continue its downtrend?
CoinCodex reveals that Dogecoin will continue to suffer in the coming days. Despite promotions from figures like Elon Musk, DOGE is still struggling in terms of price. The asset will drop below its current levels but will try to stay above $0.10.
At the current rate, reaching the $1 mark may still be a dream for this meme coin. Dogecoin remains 84% below its all-time high of $0.7376.
June always has discounts?
Historically, Dogecoin has seen a price drop during the month of June. Last year alone, the asset fell by 7.18% and the year before that DOGE fell by 23%. June is a bearish month for the entire market. While DOGE’s price decline cannot be entirely linked to its historical performance, the asset has not been successful this year.
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