Once considered one of the most popular crypto-assets, Dogecoin is currently going through a difficult period. Since October 8, the number of active users has actually fallen. The same is true for the price of crypto. This trend raises questions about the future of Dogecoin in an increasingly competitive crypto market.
Dogecoin loses users and sees its price fall
Since October 8, the price of Dogecoin has fell 2.5%. At the time of writing this article, this crypto asset is trading around $0.118.
This decline is accompanied by a significant decrease in the number of active wallets. Concretely, approximately 106,600 Dogecoin wallets have been abandoned. Which reflects a decline in confidence among crypto investors.
According to the data of Santiment, activity on the network peaked in early October before collapsing. This trend highlights the challenges facing this cryptocurrency, once supported by an engaged community and viral trends.
Outlook for 2024 and beyond for the crypto Dogecoin (DOGE)
Despite this recent decline, expert crypto analysts remain optimistic about Dogecoin's prospects for 2024.
Some predict a rebound in the price of Dogecoin between $0.12 and $0.25 depending on cryptocurrency market conditions. The global economic recovery could play a key role in this potential recovery.
That's not all! The growing adoption of cryptoassets and future developments within the Dogecoin ecosystem could also provide positive signals for a new upward dynamic.
The Dogecoin crypto is facing major challenges today. However, optimism remains for a possible recovery in 2024. The crypto market remains unpredictable. Nevertheless, the next few years could be crucial for the future of Dogecoin.
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