Dogecoin Just Plunged Below a Very Important Level, and It Spells Bad News for Investors
Dogecoin is running out of potential upside catalysts.
Overview
Dogecoin (CRYPTO: DOGE) is the cryptocurrency industry's original meme token, and it has taken investors on an extremely volatile journey since its creation in 2013. It peaked at $0.73 per token in 2021, when its market capitalization of more than $90 billion made it more valuable than most companies in the S&P 500.
But it has mostly trended lower since then. In fact, Dogecoin plummeted to just $0.073 last week, a level not seen since 2023. It means the meme token has officially given up all its gains since 2024, the year Donald Trump won the U.S. presidential election for the second time.
Details
This is really important, because it suggests the Trump administration's pro-crypto policy agenda has effectively created zero value for Dogecoin. It's unclear where the next positive catalyst will come from, so here's why investors might be facing even further losses.
Source
Originally published at www.fool.com.