The biggest limitation that meme coins like Dogecoin have is the lack of utility
- Dogecoin adoption is slowing
- Dogecoin investors are selling big
- Bitgert becomes a rough competitor
The Dogecoin price has been on a free fall over the past 12 months. In fact, since Dogecoin reached its ATH in early May 2021, the coin has been plummeting non-stop. In fact, Dogecoin has lost over 80% of its value from the ATH. But why is Dogecoin falling at this rate, and what could be the problem?
Well, there are several factors that crypto analysts have identified as the major cause of the Dogecoin plunging price. One of these factors is the dropping hype of the meme coins. Dogecoin is among the first meme coins in the market, and over the last few months, meme coin prices have been plummeting.
The biggest limitation that meme coins like Dogecoin have is the lack of utility. This has made them less attractive in the market. That’s why Dogecoin has been posting negative growth over the past few weeks. With the meme coin hyper-dropping fast this year, Dogecoin is expected to continue doing badly in the market.
The other reason why Dogecoin is dropping is a large number of selling investors. It has been identified as the biggest reason why Dogecoin is dropping. The number of Dogecoin holders is dropping fast, and what’s worrying is the huge number of Dogecoin whales selling. Crypto experts have put the huge number of whales selling as one of the major reasons why Dogecoin has lost over 80% of its value from current ATH.
However, crypto analysts have also identified Dogecoin competitors as the biggest reason the coin is plunging. Among the biggest Dogecoin competitor have been Bitgert (BRISE). Bitgert is one of the crypto projects that have taken many of the investors leaving Dogecoin, including the whales. Here is more about Bitgert:
The major reason why Bitgert is attracting Dogecoin investors is the massive growth and development the project is posting. The Bitgert project has one of the fastest-growing ecosystems. In fact, there are few crypto projects, if any, that have achieved the accomplishments that Bitgert has made in the past 9 months.
Bitgert has added multiple products and projects into its ecosystem, including the powerful BRC20 blockchain. Bitgert BRC20 is the only zero gas fee chain in the industry. There are also many DeFi, NFT, and Web3 products coming from the roadmap V2. The 1000+ Bitgert backed projects are also making the Bitgert project super attractive. The Centcex team is also adding more products to the Bitgert ecosystem.
The bottom line is that many factors are making the Dogecoin price drop. But Bitgert is among the reasons why the Dogecoin price is falling fast.
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