Dogecoin Price Falls 6% Despite Nearly 50% Trading Volume

Dogecoin price continues to tumble, falling 6% in the last 24 hours even with over 50% trading volume pump in the same period. The asset has suffered from a very bearish summer and hasn’t flashed many signs of rebounding. DOGE can swing at any time, from famous endorsements from the likes of Elon Musk to positive updates from the Dogecoin Foundation. However, outside of Musk, it is been quiet for the dog-themed cryptocurrency.

Investor confidence was briefly restored in the market after a recent Elon Musk tweet. The CEO of SpaceX revealed that DOGE may be accepted in exchange for Tesla-related merchandise. However, the price didn’t follow suit. Once Tesla adds Dogecoin, the asset could witness a major price increase. However, there’s no timetable for this.

Can Dogecoin Rebound Before the End of 024?

Dogecoin traded at $0.0918 on Friday, down nearly 7% in 24 hours. Over the past calendar year, the coin has gone up by 45% in price, but most of that growth comes at the end of 2023 into early 2024. Since the crypto boom of March 2024, DOGE has been in a rough standstill, despite consistent trading volume. The rise in TV hasn’t resulted in any pumping around the asset, instead allowing rival coins like WIF and SHIB to flourish.

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Shiba Inu in particular has outperformed Dogecoin in 2024. SHIB has delivered better returns year-to-date. SHIB has surged nearly 30% since the beginning of the year, while DOGE profits have touched 3.61%. Therefore, DOGE has generated only 10% of the profits SHIB printed YTD.

Reaching $1 has been a long-standing task for DOGE. About three years ago, the asset hit an all-time high of $0.7376. This was the closest that DOGE has gotten to its dollar milestone. At present, the meme coin remains 87% below this peak. Looking back at this data, $1 seems to be nearly impossible. Even with the trading volume up significantly, it will take more catalysts to pump DOGE back on the path toward $0.20 and even $1.