dogecoin is a meme coin that soared due to media from elon musk. at this time we can see the power of musk seemed to fade and doge back down. it will be very difficult to get back up unless musk buys in bulk again and is followed by panic traders. we feel sorry for those novice traders who become food for the whales
It's Elon's own fault that makes everything like a game. he easily says something bad and good about crypto. as well as dogecoin. If you follow Elon's social media accounts, you certainly understand how people like him think of a business.
regardless of what Elon does. factors from the bitcoin market also greatly influence how dogecoin can get pumps and dumps nowadays. because not only Dogecoin but you can see for yourself there are so many altcoins also experiencing a pretty severe correction.
I agree with you. It doesn't matter what anyone says now about any other coin/token, Bitcoin has always had that effect 9n every other cryptocurrency in the market so this is why we mostly see all cryptocurrency moving the same way that Bitcoin is moving in terms of price with the exception of stable coins.
Of course DogeCoin had its moment as soon as Elon musk started hyping it which is normal but this cannot be the case forever because without a purpose other than being a meme coin that is been hyped, what's next?