Dogecoin (DOGE) News and Price Analysis: DOGE Struggles to Regain Momentum Despite Legendary Status

Dogecoin (DOGE) is the first and one of the most successful meme coins ever launched. DOGE was launched in 2013 as a joke intended for online humorous purposes.

Dogecoin (DOGE) is the first and one of the most successful meme coins ever launched. DOGE was created in 2013 by Billy Markus and Jackson Palmer as a joke intended for online humorous purposes. However, Dogecoin gained massive popularity in 2021 when Elon Musk and other popular public figures started endorsing it.

In January 2021, Dogecoin traded at $0.004 until it experienced a drastic price surge in April and May. Between April and May of 2021, DOGE jumped 1,100% to reach $0.731. CoinTelegraph even rated Dogecoin as one of their top three performing cryptocurrencies in 2021.

Currently, DOGE trades at $ 0.24 on CoinMarketCap with a market cap of $36B. However, times have changed, and DOGE isn't the same explosive token again.

Recent Dogecoin news indicates a lack of momentum in DOGE's price action despite its legendary status. After reaching its all-time high of $0.73 in 2021, DOGE has struggled to come close to the mark again.

From 2023 to 2024, DOGE has continued to show ranging movement, with no significant movement to the upside, which has caused investors to look for more explosive opportunities.

Dogecoin has continued to face criticisms, stating a lack of functionality beyond being a peer-to-peer payment token. Although DOGE is adopted and integrated by some payment merchants, it doesn't offer additional utilities like staking and quest-to-earn, which foster community engagement.

Another recurring topic in Dogecoin news forums is whale manipulation. According to FXStreet, Dogecoin wallet addresses with greater than 10 billion DOGE are approximately 50%, which creates potential risks for price manipulation.