Investors sell off Dogecoin

The recent bearish sign of the Dogecoin price has led many investors to start looking for an exit.

While all eyes are on the smallest movements of Bitcoin and Ethereum prices, Dogecoin has lost 21% of its value in the past 2 weeks, currently hovering at $0.28 per coin.

Dogecoin price is trending down. Photo: Coin Desk.​

Another dog symbol, Shiba Inu, was in a similar situation as the price dropped 22% during the same period. Since both altcoins have attracted the attention of the community by exploiting the meme, a rapid decline after the fever has passed is inevitable.

Since Dogecoin turned to plunge, Dogecoin's profitability has plummeted as more than 300,000 accounts face the risk of loss. Currently, more on-chain data indicates Dogecoin is trending down.

This raises the question of whether Dogecoin is still worth the investment. In fact, the coin still receives a certain amount of support from the crypto community and maintains a positive market sentiment. However, most owners choose to sell out of fear.

Created as a joke, Dogecoin grew strongly during its initial launch, once favored by billionaires Elon Musk and Mark Cuban. Many people believe that Dogecoin is just a bubble and can burst at any moment.