Dogecoin (DOGE) has so far been one of the most popular cryptocurrencies in 2021 thanks to the wave of retail hype that resulted in billions flowing into the cryptocurrency market in the first half of the year. As a result, its market cap grew exponentially, subsequently triggering a massive price pump.

Dogecoin price recap

Dogecoin is currently trading at $0.17 as its price continues to slip due to the prevailing bearishness in the crypto market which seems to be overwhelming the retail hype that previously fueled strong DOGE rallies. Its price fell by 17.75% in the last 7 days and 5.10% in the last 24 hours at the time of this press. Its performance highlights a substantial decline from its all-time high of $$0.73 which it achieved in May at the height of the 2021 bull run.

 Source: Binance

Although Dogecoin has so far tanked by a substantial margin, its current price is still substantially higher than its lowest 2021 price level at $0.0046, which means that the current price level is still up more than 3,500% since its January 2021 low.

Will DOGE survive the current bear market?

There is no doubt that DOGE is one of the best performing cryptocurrencies in 2021 but despite that, it is still a memecoin. Some argue that Dogecoin’s impressive gains are just the result of retail hype and that it does not have much of a future. This argument is based on the fact that DOGE was one of the coins that a wave of retail buyers saw as an opportunity in the cryptocurrency market after the Gamestop saga earlier this year.

Retail investors who made off with robust gains saw DOGE as an ideal opportunity given its low price at the time. DOGE had a slight price uptick at the end of January this year but the bulk of the price pump happened in April. Critics believe that retail hype has moved away from Dogecoin but some true believers argue that the retail wave is the best thing to happen to DOGE.

Although Dogecoin does not have many uses outside speculation, its meme status is still one of the few coins that managed to break into the mainstream. This argument suggests that more people embrace the value of the coin and are thus willing to continue trading it. For example, some believe that its current price is undervalued and that another bullish wave will potentially allow the price to recover.

Recognition by retail traders not only fueled Dogecoin’s price performance but also facilitated recognition by some of the most influential entrepreneurs of our time. For example, Tesla and SpaceX CEO, Elon Musk, has arguably become one of the coin’s ambassadors and even earned the nickname “Dogefather.” Billionaire Mark Cuban has also been vocal about Bitcoin’s potential. This kind of recognition has propelled Dogecoin into the top 10 list of cryptocurrencies in terms of market cap.

Summary

Dogecoin’s bearish downturn during the market correction is not necessarily as concerning as it might seem, especially when you consider that the entire market has been in the red. Giving a definitive answer regarding its future is not exactly practical because there is a lot of uncertainty in the market. However, Dogecoin still has a lot going for it, even though it has been popularized by retail traders.

Dogecoin’s biggest strength is its strong community which is best described as a community of believers that are determined to make sure that it becomes a regular-use currency. Some businesses have already embraced DOGE as a payment option. On the flip side, Dogecoin’s creator recently made some defamatory claims about cryptocurrencies. However, the coin is decentralized which means that it exists separately from its creator and it draws its value from its rapidly growing community.