Dogecoin (DOGE) Criticized for Poor Performance, Even After Elon Musk's Endorsement

Dogecoin Faces Challenges Amidst Market Shift

Dogecoin, once a darling of social media influencers and retail investors, is struggling to regain significant traction, eliciting a mixed response within its community. Elon Musk's occasional endorsements have failed to propel the cryptocurrency to past heights.

Community Discord

This lack of momentum has divided the community, with many criticizing the meme coin's price performance. Dogecoin has experienced a steady decline, as depicted in the chart. It has encountered resistance breaking above key moving averages, including the 200-day EMA.

Weakening Musk Effect

The absence of price surges despite high-profile endorsements suggests a shift in the market's perception of Dogecoin. Previously, endorsements from individuals like Musk significantly boosted its price.

However, the community's reliance on endorsements has diminished as the hype-driven environment of 2021 has waned. Investors are seeking more sustainable price action based on fundamentals rather than celebrity tweets. The overall state of the cryptocurrency market has also contributed to Musk's diminished influence.

Trader Expectations

In the wake of the hype, crypto traders are now prioritizing the utility and applications of cryptocurrencies over endorsements. DOGE/USDT Chart by TradingView
To regain momentum, Dogecoin must overcome significant resistance levels, particularly the 200-day and 26-day moving averages. A renewed focus on utility or integration into broader use cases could also boost investor confidence and stabilize the price.