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The Fall Of Memecoins Like DOGE: Top 3 Reasons Why They’re Losing Their Edge
In a shocking turn of events, the once-thriving memecoin market has been experiencing a downward spiral. Amidst this chaos, Dogecoin (DOGE), as an exemplary model, has failed to keep up with the rising demand for other altcoins. In fact, DOGE’s price has been steadily declining, leaving investors wondering if its heyday is truly behind it.
As we dive into the depths of this phenomenon, three crucial reasons have emerged that pinpoint the precipitous decline in memecoins’ value.
First and foremost, DOGE, and by extension other memecoins like PEPE, struggle to establish themselves as a true store of value. Unlike their altcoin counterparts, these cryptocurrencies lack a clear-cut reason for long-term investment, thereby rendering them vulnerable to market fluctuations.
Secondly, the manipulation of major players has stifled any potential price hikes in DOGE and other memecoins. The recent report by AMBCrypto exposed how massive players are utilizing market manipulation strategies to keep the price of these coins trapped within a consolidation phase. As an outcome, memecoins continue to fluctuate wildly due to their reliance on community support rather than solid fundamentals.
Last but not least, the lack of real-world applications for memecoins has further weakened their appeal in the eyes of investors. The data suggests that nearly half of PEPE’s holdings are controlled by whale wallets, which can move the market at their discretion. This raises concerns about these whales’ influence over DOGE and other memecoins.
As things stand, predicting a surge in DOGE’s value anytime soon seems unlikely.
Source: ambcrypto.com
