Dogecoin’s historical price is a series of ups and downs. Dogecoin’s exchange rate plummeted after Twitter users voted for Ilon Musk to step down as CEO. The meme coin fell more than 18% in the hours after the vote, a sign of Musk’s strong ties to the coin. This is reported on letizo.com.
Dogecoin price drop – reasons
Expert analysis indicates a high probability that Twitter will still include Dogecoin given Musk’s imminent departure. After the digital asset market took a bearish view because of the recent rate hike, Dogecoin (DOGE) took another step back after a controversial poll.
Musk took over in October after a $44 billion buyout, but since he’s been at the helm, the company’s business has looked shaky. To make the platform more decentralized, Musk introduced polls on Twitter to encourage user participation in important decisions. In his latest poll on Monday, he asked if he should step down as head, and 57.5 percent voted yes. The poll result affected Dogecoin, backed by Musk, resulting in double-digit losses.
Within hours, DOGE was down 11% and trading at $0.07, and users panicked that Dogecoin’s partnership with the social network could become strained after Musk left. The recent fall of the largest meme coin was a sequence of events, as the asset has risen and fallen in the past due to Musk’s involvement.
Dogecoin shows little sign of recovering after falling 11% and is now trading at $0.074, with bulls trying to return their favorite asset to the highs reached in early November. Against this backdrop, we advise investors to also analyze the XRP price predictions for 2030.
Altcoins, including Ethereum (ETH) and Solana (SOL), along with the S&P 500, NASDAQ and Dow Jones Industrial Average have lost points in the last 48 hours as the market remains in the red.
Twitter still with Dogecoin
DOGE has made strides since its rise as a meme coin, but most of its triumphs are due to Musk. From his appearance on the Saturday Night Live (SNL) show, which pushed the asset to an all-time high of $0.73, to his recent acquisition of Twitter, which saw the coin trade at a year high of $0.14.
Despite the decision of Twitter’s new CEO, Musk remains at the helm of the company, and so far there has been no indication that the company will cut ties with cryptocurrencies. Last month, Musk revealed plans to integrate new payment systems into Twitter, pushing DOGE up 19.4 percent.
Dogecoin (DOGE) Value Forecast
Dogecoin (DOGE) is a meme coin created in 2013 as a satire on the emergence of many altcoins trying to repeat the fate of bitcoin. The coin was named after a popular meme with a shiba-inu dog. In this article, let’s look at Dogecoin’s price forecast.
Dogecoin (DOGE) has declined in value by more than 60% since the beginning of 2022 and by 90% from its all-time high ($0.6) in May 2021. At the time of writing, the asset was at $0.05. Nevertheless, the coin remains in 10th place in CoinMarketCap’s capitalization ranking.
According to Wallet Investor, the coin could drop to $0.00326 by October 2023. However, an analysis of DOGE’s value on the DigitalCoinPrice platform showed that the altcoin will average $0.15 in 2023, $0.26 in 2025, and $0.90 in 2030. The forecast is based on historical data.
Price prediction.net suggests that DOGE could average $0.10 in 2023 and rise to $0.23 in 2025. Price Prediction. net’s 2030 forecast is even more positive, with the coin expected to rise to $1.48. The platform’s predictions are based on artificial intelligence and supportive technical analysis. XRP coin prices look more stable.
When considering different DOGE coin price predictions, it is important not to forget the volatility of the cryptocurrency market, which makes it difficult to accurately estimate the mem-coin in the long term. Don’t forget that any forecast can be wrong.