The bear market has been ruthless for most of the altcoins and Dogecoin (DOGE) has been one of its victims. Dogecoin has dropped to 21st spot in the rankings after having a successful time in the recent past. It looks like the Shiba Inu based meme coin has taken a larger smack in this bearish run. Dogecoin has gone through succession of losses in last few days which has dragged it out of the top 20 coins.
So why has the coin dropped significantly while it had made an impact among the cryptocurrency users? Has DOGE lost its image among the investment bodies, or it is just an effect of the bear market? Well at first glance it looks like that Dogecoin has gone wrong with its short-term plan. As the cryptocurrency users know that the basic fundamentals of the dogecoin are still strong but the shortcoming has been its short-term plan. After the launch of Dogethereum nothing big has been updated by Dogecoin network. And dogecoin has not been able to keep their users up to date about what plans they are coming up with.
The big reason of its recent drop is the news of the Dogecoin dev team not preparing for a potential move to put forward the submission of DOGE’s listing on Coinbase Exchange. One of the members of Dogecoin’s development team stated on Reddit:
“We just cannot do it in an automated fashion with their online Google forms, since they ask questions which do not apply to us. Ergo we are not “preparing” that submission, no, because we can’t.”
This statement from dogecoin’s representative has driven away most of the short-term traders who were investing in dogecoin just because of Coinbase listing to drive its price. Nevertheless, the member of dogecoin dev team cleared the issue and further stated:
“We still intend to try to get listed on Coinbase.”
This doesn’t mean that Dogecoin is out of the picture at all but for a while it can’t due to certain specifications. Dogecoin has the potential to get listed on Coinbase, if in future Coinbase decides to enlist dogecoin directly, the chances are that it will make it to the exchange. In the long run, the core groundwork will decide the growth of dogecoin’s network and the fun coin has one of the powerful fundamentals among the digital assets.
During the time, Dogecoin dip from 20th spot to 21st spot is just a short-term price rectification. As the market grows on and becomes stable, its upside momentum will eventually take dogecoin to its previous spot or even higher depending upon market condition and one of its prove has been its last three months bullish performance.
At the time of writing, Dogecoin was trading with a price of $0.0044 USD with a market cap of $518 million and had a trade a trade volume of $16 million. After its recent price drop from $0.005 USD, dogecoin is improving a bit. Currently, it was rising up with a rate of %1.4 in last 24 hours.