Cryptos are dropping and DOGE bulls are affected the heaviest.
The crypto market drops once again and DOGE bulls suffer the most. Dogecoin crashed all the way to $0.16. It is down from an ATH of $0.74 last May 8.
The latest drop in the market is because of China’s recent crackdown on trading and mining. Although this is not the first time that China banned Bitcoin. Also, news of regulations and restrictions always has a big impact on the market.
The large drop
But some analysts argue that the crypto market has been due for a crash in a while.
Doge Bulls Among the Hardest Hit in Recent Crash
It looks like the current NASCAR Dogecar crash speculated the losses that will be coming for the Dogecoin Army. Dogecoin plunged to 16 cents. It is the lowest it has traded since April 23. Dogecoin reached 74 cents last May 8, the similar day that Elon Musk went on Saturday Night Live to support the coin.
Ever since then, Dogecoin steadily dropped, losing a huge portion of the former market cap.
Some traders are frustrated
In the most recent crash, several traders have been taking their frustration on Reddit and Twitter, where there are big and active crypto communities.
However, the Dogecoin community remains positive. They argued that the drop in price is a fantastic opportunity to buy even more of their favorite coin.
Having Faith to the Dogefather
It looks like many in the Dogecoin domain assume that a tweet from Elon Musk could reverse the trend and pump Doge to the moon. The problem with “to the moon” narratives is that the price target is ever-changing. Something the Dogecoin Army could soon have to consider is that maybe the 20,000% gains seen in the last six months was the moon that they had been praying for.
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