Dogecoin traders are once again contemplating their unfair predicament as yet another week comes to an end. Many of the top cryptocurrencies have seen healthy price swings this week, but DOGE continues to behave like a stablecoin.
To sum up its price action, Dogecoin was trading at $0.70, at press time. It has been hovering around this price level for more than 6 weeks. Dogecoin doesn’t have much going for it outside its status as a ‘memecoin,’ from an objective point of view. Now, die-hard fans may argue that it can be used for transactional purposes, but very few retail outlets have adopted it for that purpose. It has predominantly been used for speculation in the past. This would explain why it has attracted very little investor attention, now that the market has shifted in favor of utility.
Dogecoin’s weighted sentiment closed Thursday’s trading session at its highest point in 2 weeks . Its social dominance also hiked to its highest bi-weekly level, indicating that Dogecoin is still attracting significant attention.Dogecoin’s underperformance might put it in an unfavourable position in the short-term. This does not necessarily mean it is condemned to remain in limbo, however.
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