Meme currency pressure drops Dogecoin within 24 hours

The DOGE currency witnessed a decline in its value during Wednesday’s trading, as the currency’s price decreased by 3.42% during the last 24 hours until 7:25 pm GMT.

Reasons for decline:

New pressure on meme currencies

Dogecoin made gains on Tuesday after its logo was listed on the website of President Donald Trump’s “Government Efficiency” initiative, which is referred to as “DOGE” for short, but it appears that the meme is under new pressure as investors become more wary of this type. Of cryptocurrencies.

Launch of Trump’s official currency ($TRUMP)

One of the reasons that negatively affected DOGE was the launch of Trump’s official cryptocurrency $TRUMP.

Tesla CEO Elon Musk’s support for the DOGE currency was a fundamental pillar of its rise in value, especially in light of his close relationship with US President Donald Trump, but with the launch of his own cryptocurrency, this may cause a reduction in the exclusivity that the Doge coin enjoyed. DOGE.

Impact on the broader market

Some investors have expressed their concern that the launch of the Trump coin may harm the credibility of the cryptocurrency market as a whole, especially with regard to meme currencies, and some believe that these developments may exacerbate pressures on DOGE and other similar currencies, causing their value to decline.

The future of Dogecoin: Volatility is the dominant feature

DOGE is expected to continue to experience significant price fluctuations, as a meme coin, its value relies heavily on speculation and news rather than fundamental factors.

Possible role for the X platform

Despite the current volatility, there is a factor that may push the price of Dogecoin to rise significantly, as expectations indicate that the X social media platform run by Elon Musk may launch a payment system this year, with speculation that Dogecoin may be a part of it.

Ultimately, although DOGE remains a high-risk investment, any potential integration with the