#$DOGE Is faith in DOGECOIN still alive?
For investors, the red-and-green markets in August have been unpredictable. Gold and silver have returned to an upward trajectory, hit stocks in China's A-share market keep emerging, and U.S. stocks have also begun moving into a correction. The much-maligned cryptocurrency market is indeed seeing “The Bull Is Coming”: Bitcoin and Ether have both returned to the levels reached before the June drop, with Ether showing especially strong performance and directly breaking above 2500. Most of the top 20 cryptocurrencies by market capitalization have already recovered their losses. Dogecoin, however, has performed terribly. Since falling from 0.11861, it has continually set new lows. Ripple, the established project plagued by lawsuits, has risen as much as 60% in this rally, breaking through the 1.4 resistance level. Dogecoin, on the other hand, is stuck at 0.1 and cannot move higher.
There have also been many negative messages predicting Dogecoin's decline on social media. Musk has gone quiet too. A single like from him can send SHIB soaring, yet Dogecoin remains completely unmoved.
Where will the leading MEME coin DOGECION go after losing its celebrity effect? Can it still complete its deification in this cycle?
Many people question Dogecoin's issuance mechanism. In a market where scarcity drives prices higher, its position as a top-10 cryptocurrency makes it seem somewhat unconventional; HYPE's market capitalization has even nearly caught up with it.
So what exactly is Dogecoin relying on to keep going?
First is its popular support. When people think of the United States, they think of the Statue of Liberty; when they think of Sichuan, they think of hot pot. So even if people in the crypto community do not hold Dogecoin, everyone knows it. That is the foundation of its community.
Second, the celebrity effect behind it has not actually disappeared. Musk is new money and a successful businessman. In his early years, he repeatedly said he would send Dogecoin into space. Although he has not provided any updates on this over the past two years, X payments and Starship launches could ignite Dogecoin at any time.
There is also Dogecoin's issuance mechanism, which is benchmarked against the U.S. dollar. If the world ultimately becomes decentralized, could it be used as currency like the dollar? In that case, its value would no longer be related to its supply. Finally, faith is an intangible thing. In this community, where it is easy to create gods, as long as you firmly believe in the choice you have made, Dogecoin reaching $1 is not a dream.$DOGE
