Dogecoin price has dropped from $0.0060 to $0.0038 losing more than 33% during the past month. Famous mem-based coin has been experiencing a downward trend even when the whole crypto market experienced short-term growth.
According to expertsshort-term the market has been frozen during the past month as it awaits a decision by the U.S. SEC over a bitcoin-ETF, therefore any large movements are purely due to negative news specific to the project.
Among the possible reasons for dogecoin’s price trend are the long-lasting correction and the continuing emission of new coins. Thus, dogecoin issues about 5 billion new coins every year which makes it difficult for the coin to hold on to its value in the long run.
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