Will Dogecoin Price Recover In June?

Dogecoin, ranked 8th on CoinmarketCap with a market capitalization of $18.1 billion, boasts a dedicated following among investors. This stems from its status as the first meme coin and the support of industry leaders such as Elon Musk and his company, Tesla, which accepts it as payment. Additionally, Dogecoin has been affordable, offering potential for growth.

Despite its popularity, Dogecoin has experienced a sustained decline, losing 12% in the past week. The question arises: will Dogecoin continue to fall or rebound in June?

Dogecoin Price Analysis

Dogecoin reached an all-time high of $0.7376 in June 2021, but has not experienced a similar surge since. Currently priced at $0.1257, it remains below its value at the start of 2022. While it briefly rose to $0.2201 in May, its rally was short-lived.

Dogecoin experienced a temporary recovery in late May, reaching $0.174 before reversing course and continuing its downward trend. This decline raises concerns about Dogecoin's potential relative to other cryptocurrencies. Notably, many meme coins have outperformed Dogecoin in recent months, even amidst the broader market downturn.