Dogecoin has been slipping in the indices since May 2021 and hasn’t spiked in price after Elon Musk’s SNL appearance. The meme-currency is hovering between $0.16 to $0.25 mark since close to seven months and is testing investors patience. Doge’s hype fizzled out during the second half of 2021 making way for Shiba Inu to bask in the limelight.
The co-founder of Crypto Head, Adam Morris, revealed that Dogecoin is headed towards disaster. He predicted that before the end of 2021, Doge could fall 95% in the next market crash. He also rang warning bells claiming Doge investors will experience bloodbath and fret when it plunges to unimaginable lows.
”When it’s risen by 1,260 percent in the last month you can see why retail investors would be attracted to invest. It’s coins like this that are first to drop 95 percent in a market crash, which has already happened in the 2018 crash,” said Adam Morris to Express.uk. The prediction was made in May 2021 claiming there could be a 95% nosedive by the end of the year.
The main reason people buy Dogecoin, Morris says, is because there is potential for short-term gains. However, he stated that this mentality makes Dogecoin a poor choice for long-term investment. He also compared the upcoming crash would be similar to the crypto market crash in 2018.
Nonetheless, we are only three weeks away from ending the year and we’ll have to wait and watch if the prediction turns out to be accurate.
Dogecoin is down -37.9% since the last 30-trading days and is down -77.9% from its all time high (ATH). It had reached its ATH of $0.73 on May 8, 2021 and has been slipping down ever since then.
Dogecoin In Crossroads of the Crypto Market Crash
Bitcoin and Ethereum plunged close to 16% during the weekend and Dogecoin followed suit. The meme-currency is embattled within the crypto market and goes in tandem with BTC and ETH’s movements. The crypto market is now sending mixed signals and is both trading in green and red in the 24-hours day trade.
Experts claim that the crypto market could he headed for further corrections and investors need to be prepared for the dips. While many use the dips as an opportunity to buy more, the others sell their holdings in fear of losses.
At the time of publishing, Dogecoin was trading at 0.16 and is down -6.74% in the days trade.