What adorned Dogecoin a few weeks ago is long forgotten today. High volumes and growing popularity have been the driving force behind this meme coin, but in recent times there has been another decline and lack of interest from investors. But what’s behind it?
Dogecoin loses strength
In the case of DOGE, it looked very promising a few weeks ago. Analysts predicted the beginning of new and long-term growth, which was to shoot this project to the forefront. But it didn’t happen. Although some decline can be attributed to the recent correction, the main topic is reduced investor interest due to extremely poor network performance. Competitive dog projects were able to show profitable numbers, but surprisingly, DOGE was not one of them.
The biggest competitor grew after listing on Coinbase
The second largest dog project, Shiba Inu, has finally appeared on the Coinbase exchange this week. A few days ago, this coin was included on the Coinbase Pro platform. You have the opportunity to fully trade the SHIB token on the Coinbase platform. Following this announcement came a fairly decent increase up to 35%, which shot SHIBA to a new all-time high.
In any case, the growing interest in SHIB can also have a very negative effect on the price level of Dogecoin. It will be very interesting to follow the future of these two projects. SHIB is gaining strength and interest in this token is constantly increasing. Conversely, in the case of DOGE, the situation is the opposite.
At the time of writing, the DOGE price was hovering $ 0.243. More importantly, however, Dogecoin has failed to break through important resistance at the level of $ 0.25. At the moment, it seems that the purchasing pressure is waking up again and will wait for attempt no. 2.