The leading meme cryptocurrency in the market, Dogecoin (DOGE), has been experiencing stagnant price growth over the past several weeks, according to those tracking the developments in the larger digital currency ecosystem. The fact that Elon Musk hasn’t been gushing recently over the digital money with Shiba Inu themes shows how common this stagnation is.
On the X app, Elon Musk is recognised as the DOGE token’s largest supporter, with posts that fervently encourage bullish rallies for the coin. Musk made no mention of Dogecoin, which has seen a decline of up to 17% over the last month and more than 2% over the previous seven days.
It’s possible that Musk has not abandoned Dogecoin despite his silence. Instead, it might indicate that the seasoned innovator is now supervising a number of other non-crypto related enterprises.
His numerous obligations as the chairman of the X Project, chief executive officer of Tesla Inc., SpaceX, Neuralink, and other companies may have temporarily distracted him from Dogecoin. Additionally, after his involvement in the Dogecoin case a few months ago, Musk could be more wary of the cryptocurrency environment.
Dogecoin boost, per fundamentals
Dogecoin is essentially the only digital currency with a restricted set of basics and features. Another theory holds that Elon Musk would reserve his remarks regarding Dogecoin until the cryptocurrency has something special to brag about.
The price of Dogecoin is presently $0.06174, with a little increase of 0.53% over the last 24 hours. Overall, theories have been put out as to why Dogecoin is currently declining, and the virtual currency still holds the distinction of being one of the Web3.0 era’s most volatile cryptos.
