At present, the cryptocurrency markets are in a state of shock and recovery. The digital currency investors were hoping for a little relief, with some financial analysts citing the approaching end of the bear market. It seems that the ongoing economic and political situation of the world has played an important role in changing the tides of the stock and crypto markets.
However, data projections reveal that meme current Dogecoin has continued to retain the interest of the big players despite cascading trends. The analytics shared by WhaleStats postulate that digital wallets ranked in the top 500 BSC and conducted the majority of transactions with Dogecoin smart contracts.
Dogecoin rose to international fame last year when Tesla CEO Elon Musk posted tweets about the meme currency. However, the Dogecoin craze came to a halt and showed signs of pacified activity during the 4th quarter of the ongoing year. On account of the recent digital currency market crash, Dogecoin’s market value also dropped by 8% on intraday trading.
The token reached its ATH last year with an estimation of $0.73 per unit. However, the token plunged sharply when Musk made his appearance on Saturday Night Live. According to data analytics, Dogecoin prices plunged by 40% and are still in a state of recovery from its previous ATH. Nevertheless, the meme currency has managed to sustain a top 15 ranking on the international cryptocurrency leaderboard.
Price Projections for Dogecoin are not Encouraging
At the time of publishing, Dogecoin prices are valued at $0.117 per unit. On-chain analysis reveals that Dogecoin prices are down by 84.05% since its ATH last year. Despite all the obstacles and struggles, Dogecoin has managed to remain a popular cryptocurrency investment option among long-term investors. Many people have started to take an interest in Dogecoin owing to the number of projects built around the meme currency blockchain.
Doge Foundation developers are reportedly working with SpaceX to create an offline digital currency wallet with additional functions. Meanwhile, the 12th highest crypto by market cap is also accepted as payment by companies like Tesla, AMC, Newegg, and SlingTV. There are also some rumors about WordPress extensions introducing WooCommerce plug-ins that open Dogecoin payment options for 455 million WordPress website owners. Meanwhile, Jeff Bezos, founder of Amazon, is also starting to take an increasing interest in Dogecoin, as per Billy Markus.