Dogecoin (DOGE) has fallen from its all-time high of $0.73 to $0.33 – nearly 50% loss. The price movements in the twenty-four-hour time period shows downward bias as the cryptocurrency fell nearly 5%. The daily trading volume of the cryptocurrency is also declining. Although DOGE crypto made it somewhat evident that it is no longer a joke – as it was originally planned – when it established its all-time high in the bull run moving up from a price of $0.003. The market crash has again brought the lack of innovation in cryptocurrency to highlights.
Does Dogecoin (DOGE) offer any value?
It has been long debated that Dogecoin does not really possess any real value. Ethereum founder Charles Hoskinson had also suggested various changes to Elon Musk which could improve the cryptocurrency and make it offer real value. Elon Musk had been dubbed as the “Doge father”. The billionaire CEO had been avidly supporting the cryptocurrency and has now embarked on a mission to further the development of DOGE crypto through collaboration with the team.
Elon Musk is working with the founders of Dogecoin to increase transaction efficiency. Musk has also been actively utilizing his Twitter handle to take suggestions from the general public for the improvement of Dogecoin. The Tesla CEO had been reported to support Dogecoin because it “has dogs and memes”.
Never mind why Elon Musk is supporting DOGE crypto, his support and especially the renewed focus on the development is crucial for the future of the cryptocurrency. The new COO of Robinhood Christine Brown has revealed ambitious plans for the cryptocurrency sphere of the trading platform. The billionaire Mark Cuban had earlier commented if Robinhood allows the move of Dogecoin to external wallets, it would be phenomenal for both the platform and Dogecoin. The new COO has announced to allow transfers to external wallets.
Is Dogecoin (DOGE) not a joke anymore?
The support of Elon Musk, even as he says he does not control Dogecoin, and the recent shift towards the development of Dogecoin suggests that the cryptocurrency may soon become what Elon Musk expected it to – a mode of payment throughout the world. The announcement of Robinhood may also bode good things for the cryptocurrency. Although the impact of the recent developments has yet to transform into price action as Dogecoin continues downward, with $0.21 as an important support level crucial to be upheld.