Dogecoin (DOGE) continues to struggle as its price drops to a two-month low of $0.073. According to data from CoinGecko, the world’s largest meme coin is down 1.7% over the day and almost 10% on the week. The resurging crypto market in January took DOGE to $0.098, but since then, it has been mostly downhill for the asset.
In mid-February, DOGE surged more than 10% on the back of Tesla CEO Elon Musk joking about Dogecoin at the Super Bowl. Musk has been one of the more vocal supporters of Dogecoin, often influencing its price with his tweets in the past. His recent tweets, however, have not been able to lift DOGE out of its slump.
The drop in DOGE’s price comes amid a broader market correction, with Bitcoin and other cryptocurrencies also experiencing losses. The market correction has been attributed to concerns over regulatory crackdowns and environmental concerns surrounding Bitcoin mining.
Despite the recent slump, some analysts remain optimistic about DOGE’s long-term prospects. They believe that the meme coin’s popularity and strong community support could help it bounce back in the future. However, for now, DOGE holders will have to weather the storm and hope for a turnaround in the market.
