Dogecoin’s Price Will Continue to Decline, Analyst Warns

A prominent cryptocurrency analyst with a pseudonymous identity has forecasted further declines for Dogecoin, suggesting that the popular meme coin will continue to struggle on the charts.

Currently trading around $0.10, Dogecoin has shown minimal price movements this year, frustrating investors who are seeing little return on their investments.

Altcoin Sherpa, a well-known analyst, predicts that Dogecoin could fall to $0.08 in the near future. He expressed regret over this prediction, stating that the coin might “bleed” until it reaches that level. Sherpa also noted that while Dogecoin could still be a viable option for long-term investors, its current performance is underwhelming.

Pains me to say it but $DOGE probably keeps bleeding until the .08s. I still think this is probably a decent one for this cycle for passive investors but eh pic.twitter.com/9uDMLRmrGk

— Altcoin Sherpa (@AltcoinSherpa) August 28, 2024

In addition to Dogecoin’s troubles, Sherpa highlighted that many leading altcoins are also in bearish phases and unlikely to experience significant gains soon.

His comments come as Dogecoin, which was highly popular between 2020 and 2022, continues to lose momentum despite numerous attempts to revive its value through memes and high-profile endorsements, including tweets from Tesla CEO Elon Musk.

The meme coin’s reliance on hype and external influences appears to be diminishing, leaving it vulnerable to broader market trends and economic shifts. As the excitement around Dogecoin wanes, its future prospects may face additional challenges.