The post The fall of memecoins like DOGE: Top 3 reasons why they’re losing their edge appeared on BitcoinEthereumNews.com.

Memecoins have struggled to outpace their rivals by failing to establish themselves as a true store of value. Now, it seems they’re losing ground on other fronts as well. While most coins have rallied on the news of Trump returning to the White House, memecoins have struggled to keep up, sparking yet another debate on their lack of long-term value.  Given the performance of other altcoins, that argument might actually hold some weight. Still, it may not be too late for a shift—memecoins have proven resilient before, thriving on community support and hype. The real question now is: can that same hype drive a shift in momentum, or are we witnessing the start of a trend where memecoins finally lose their appeal for good? Largest memecoin may be losing its biggest asset To truly grasp the volatility of these tokens, Dogecoin [DOGE] stands out as the perfect example. While many still associate DOGE with the buzz from high-profile endorsements, it might be losing its most powerful asset – the backing it once had. Even with a government department named after this dog-coin, the price impact? It never really took off. In fact, the $1 price target seems to be slipping further out of reach. Could this be a turning point for DOGE? A moment where its community moves beyond the hype and evolves into something more meaningful  – a group with a long-term vision? For now, the answer seems a clear ‘No.’ A quick glance at its price chart tells the story – it’s still highly speculative. One red candlestick is all it takes to erase the gains from a whole string of green ones.  As the largest memecoin, with a market cap bigger than that of other meme-tokens combined, it’s hard to see memecoins overtaking altcoins anytime soon. These…

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Filed under: News - @ December 16, 2024 9:17 am