Dogecoin price continues to plummet

Dogecoin’s current situation is still unstable. Investors expect a further decline. On August 20, the price was at $0.32. After that, it declined sharply for most of the week, reaching a low of $0.26. On August 27, it stands at $0.28. So what does the future of Dogecoin look like?

Dodgecoin breaks through support and falls further

The bulls were ready. Dogecoin began an uptrend on August 13. The next day, it broke through the $0.28 level. This uptrend continued for two more days. However, it failed to keep the price above $0.35, triggering a downtrend.

Now, Dogecoin is struggling to cross the $0.28 mark. Experts believe that the price could fall further and reach $0.22.

Dogecoin is still one of the top ten cryptocurrencies by market capitalization. Speculative actions of wealthy investors determine its value.

It’s not just Dogecoin that’s on a downward slide

Most major cryptocurrencies traded slowly this week. In fact, seven out of 10 cryptocurrencies declined. Binance Coin still managed to gain 4%. Among the major cryptocurrencies, Dogecoin suffered the most with a decline of over 4%.

On May 8, 2021, Dogecoin reached its all-time high at a price of $0.73. At that time, Dogecoin supporters were still hoping that the price would reach $1. It was Elon Musk, of all people, who some refer to as “The Dogefather,” who drove the price up with just a few tweets.

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Unfortunately, the situation later reversed. Compared to May 8, Dogecoin has fallen over 61% in four months. This coin currency that started as a meme has had a real rollercoaster ride in 2021.

Why are several cryptocurrencies in a downtrend?

The increased volatility came as Gary Gensler, the new chairman of the U.S. Securities and Exchange Commission (SEC), caused a full-blown panic. Speaking to Bloomberg, he said that cryptocurrency trading is fraught with fraud. He called on Congress to strengthen its oversight of crypto markets.

There were also many fears about hacking attacks. The biggest scare came when Poly Network lost $610 million. This was the worst hack in the history of cryptocurrencies.

However, it turned out to be an ethical hack. The hacker returned most of the money, claiming he was an ethical hacker who wanted to expose vulnerabilities. Poly Network later awarded the hacker a “Big Bounty” of $500,000.

Will Dogecoin reach the coveted $1 mark? Or will the cryptocurrency continue to decline? Only time will tell.