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Dogecoin’s Market Performance and Challenges
Dogecoin (CRYPTO: DOGE), initially created as a joke in 2013, peaked at a market capitalization of over $90 billion in May 2021 after a 16,000% surge, reaching a high of $0.73 per token. As of November 4, 2024, its price has drastically decreased to $0.17, resulting in a current market cap of approximately $25.6 billion with 151.5 billion tokens in circulation.
The lack of a true use case and unlimited token supply poses ongoing challenges for Dogecoin’s value. While it is accepted by only 2,116 merchants according to Cryptwerk, the continuous entry of new tokens into circulation could further pressure the price. Analysts suggest that even if a sustainable use case is found, Dogecoin’s price per token may struggle to regain its former highs.
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