Can these marketing gimmicks turn the tide for Dogecoin?

Despite being one of the top 10 cryptocurrencies, dogecoin is slowly losing traction. Once the “hottest” coin, it is now struggling to gain importance with private investors. The latest step in this plan is the company’s marketing strategy in the textile sector.

Dogecoin’s new strategy

Interestingly enough, Dogecoin was a few days ago introduce custom t-shirt template with the intention of improving the network. All income from the sale of t-shirts goes into the development of Dogecoin.

In this way, the team also tries to promote environmentally friendly sales. Because the shirt has a QR code that is used to resend and retry the shirt.

The irony, however, is that it is currently not possible to buy a Dogecoin shirt from DOGE. The Stripe website’s payment processor does not currently support this payment method and US dollars is the only way to buy at this time.

This isn’t the first time Dogecoin has attempted to enter the mainstream this way. Last month, Burger King introduced a reward system where those who order over $ 5 get a free DOGE.

All of these gimmicks don’t really play a role in helping the top meme coin, however. The price has been dropping in a row and is trading below $ 0.20 at the time of writing.

Prices rose 52% in the first half of November, but the momentum has slowed since then. At the macro level, too, it has been stuck in a downtrend wedge since May. Despite several attempts to break this range, DOGE repeatedly fails.

At the moment only those who bought DOGE before April are profitable, everyone else is at a loss. In particular, up to 200,000 investors bought DOGE at the all-time high of $ 6.

DOGE higher ups and downs | Source: Intotheblock

However, investors remain loyal and determined to HODL as they recently became medium term (MTH) owners. MTH held DOGE in November and currently accounts for 35% of the total DOGE supply.

distribution holder DOGE | Source: Intotheblock

Plus, thanks to a solid correlation with BTC at 0.94, investors can still be hopeful as Bitcoin rebounds.

Correlation between Dg and Bitcoin | The source: In the block

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