One of the earliest cryptocurrencies, Dogecoin [DOGE] made its debut years ago. DOGE, which was inspired by a mere meme, managed to capture the attention of the entire world. DOGE became a true sensation after receiving endorsements from Tesla CEO Elon Musk and becoming TikTok famous. Despite this, the value of the asset continued to depreciate. Along with this, the number of addresses holding the meme coin also took a hit.
A recent chart pointed out that over the last three months, the number of addresses holding Dogecoin went from 4.55 million addresses to a low of 3.89 million addresses. This was a significant downfall.
It was further suspected that the asset’s price had something to do with the decline. Investors in Dogecoin appeared to be abandoning their long-term positive stance. As a result, people may have begun withdrawing funds out of the OG meme coin.
It’s worth noting that Dogecoin came the closest to achieving $1 10 months ago when the cryptocurrency touched an all-time high of $0.7376. Since then, the meme currency has lost roughly 84.82 percent of its value.
At press time, the meme currency was trading at $0.112 after a 3.13 percent drop in value. This precipitous drop demonstrated how Dogecoin investors were ditching the asset.
Is this the end for Dogecoin?
Dogecoin was the catalyst for the crypto meme movement. Several meme currencies, on the other hand, appeared to be stronger than DOGE. Despite its low value, the Shiba Inu [SHIB] has managed to capture the attention of the entire world. Shib has even locked horns with Dogecoin in terms of market cap and position on several occasions.
Furthermore, it should be noticed that Elon Musk’s remarks did not affect the meme coin. Musk just confirmed that he owns Dogecoin in addition to Bitcoin and Ethereum in a tweet. This resulted in a brief spike but had no significant or lasting impact on the asset’s price.
All of these indicators led to assumptions about how Dogecoin was dwindling in value. However, given people’s affection for the original meme cryptocurrency, the community-driven network may be able to stay afloat.