DOGE – the “big brother” of the meme coin field has stuck in a dead end in the last few days. The price of the sixth largest cryptocurrency fell by almost 2% over the course of the week. At the same time, the euphoria and excitement that one often experiences in the Dogecoin market seem to be cooling off.

DOGE / USD | Source: Tradingview

At the time of writing, DOGE is trading at $ 0.244, almost unchanged for 24 hours. However, the price has increased by 10,472.48% over the past year. Given DOGE’s past price movements, the 2% weekly decline seems insignificant.

But if you look at the big picture, you certainly have to ask a lot of questions: Has DOGE lost its attractiveness? Bubbles bursting any moment? Has the community given up on this coin yet? While the trend seems to be, nothing can be said with absolute certainty.

DOGE price table (green), social crowd (blue), social dominance (purple) | Source: Santiment

The interdependence between DOGE price and social volume has been decreasing since mid-May, in fact the social volume has mostly stagnated in the last few days. In addition, the social dominance rate of this coin has also decreased significantly compared to May.

Overall, the social network did not manage to save this “joke coin”. DOGE also withdraws from market-oriented developments and perpetuates monotony. The gloom became even more apparent after Coinbase’s recent listing. In an apparently impossible scenario, this development did not give DOGE any relief.

In addition, at the time of writing, the data is from IntoTheBlock stresses that market sentiment towards DOGE is “predominantly bearish”. Unsurprisingly, the average trade size also plummeted from $ 1,684,809.74 in early June to $ 90,497.08 at press time.

In addition, according to statistical, DOGE’s average balance also fell from $ 23,000 in May to $ 7,000. The trading volume does not reflect impressive numbers either. Despite this dreary environment, the brokerage firm Robinhood recently hadhood notification 34% of their total crypto sales in the first quarter came from DOGE trading.

Although DOGE used to be a very lucrative coin for investors, it is not as prominent as it used to be. Are DOGE’s high-performance days at the end of the first quarter just a halo of the past?

An analyst positive DOGE has entered the fourth stage of the bubble and the “total capital lost” rate is still quite high. In fact, he also cautioned investors to be careful:

“Predict that DOGE will drop to $ 0 this year and slowly die.”

Furthermore, there are no recent developments that guarantee DOGE an upward trend, not even Elon’s “catalyst” tweets do anything. Maybe this coin is no longer a puppet!

reason Crypto millionaire said he was giving away 1,000,000 DOGE

Yesterday, a crypto entrepreneur said he was giving away 1 million of his own DOGE worth over $ 240,000.

This giveaway is designed to promote the beta launch of an augmented reality (AR) game called The Million Doge Disco.

Million Doge Disco offers players the opportunity to receive Disco Doge’s non-fungible token (NFT) called “Dogeagotchi”.

According to the Video In this AR game advertisement, players must visit specific locations in order to find the highly interactive Doge NFT.

NFTs are unique digital assets like works of art and trading cards with cryptographic properties that allow the blockchain to verify their authenticity.

The augmented reality game also allows players to hunt down and collect real DOGE that Lachance gives away to the community.

Lachance explains:

“We developed the Pokemon GO style, the augmented reality game that can be accessed from any smartphone and is based on the BLOCKv platform. A million DOGE and other NFT digital artifacts will be scattered around the world. Each player receives an interactive Disco Doge NFT or “Dogeagotchi” in Tamagotchi style, with which you can dance in augmented reality and with which you can collect DOGE and other rewards. “

Lachance said that people who haven’t received the free crypto still have a chance to earn it.

“We’re also launching a ‘Proof of Partying’ mechanism that encourages people everywhere to dance with their doges for community DOGE donations. We want to revive the gift culture that was the hallmark of the DOGE community in the early days of this cryptocurrency. “

Minh Anh

According to AZCoin News

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