The co-founder of Dogecoin, Billy Markus sent out a satirical tweet regarding the benefit of extended markets, which is essential “nothing.”
Dogecoin’s lengthy bear market began in 2021 when the price of the most popular memecoin on the market hit $0.73 courtesy to Elon Musk’s encouragement and the cryptocurrency industry’s overall bull run.
Unfortunately, because of a lack of use cases and underlying value, DOGE price swiftly fell following the market’s initial large-scale selling events from institutional investors and whales.
Despite Elon Musk’s infrequent tweets and interviews in which he mentions Dogecoin and says he would enable people to pay for Teslas with it, the Dogecoin decline has not halted.
Currently, DOGE is the 2nd largest PoW coin by market capitalization, just behind Bitcoin. The price correlation also doesn’t reflect much as its performance is worse than Shiba Inu (SHIB), its rival.
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