Dogecoin's "One Dollar Dream": Did Elon Musk forget, or was it always a joke?
Let's be real: Bitcoin and Ethereum have skyrocketed, but Dogecoin is still stuck at $0.14. It's a long way from its peak of $0.73. This isn't a normal fluctuation; it's totally lagging behind.
Why can't it rise? The reason might be quite painful: major institutions simply ignore it. Grayscale launched a Dogecoin ETF, but it didn't attract much funding. The traditional finance world clearly still sees it as a joke, with few considering it a serious asset.
Elon Musk's "shouting magic" is running out of steam. He can tweet, and Dogecoin might suddenly surge by 20%, but that's only for a day, and it quickly falls back down. The market is waiting for real actions, like actually integrating Dogecoin into X's payment system; otherwise, everyone will just think he's talking nonsense.
Even Dogecoin's own community is in disarray. Some predict it could rise to $2, while others believe it will eventually go to zero. This kind of extreme divergence itself indicates that the consensus has already broken down; now it's all based on gut feeling and wild guessing.
So, can it go crazy again? There's a chance, but several conditions must be met:
· Bitcoin must enter a massive bull market, causing all cryptocurrencies to rise together.
· Elon Musk must take tangible actions to give Dogecoin a real new use.
· Retail investors need to collectively get excited, charging in like they did in 2021.
Otherwise, it will likely only rise slightly when the market goes up and drop even more dramatically when the market declines.
So you see, for Dogecoin to reach the moon again, it ultimately relies on whether Elon Musk will provide a real explanation or if we all get hot-headed once more.
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