The co-founder of one of the biggest memecoins on the market shared an ironic tweet about the good thing that extended markets bring us, which is literally "nothing." The statement is more than relevant considering the latest price performance of Dogecoin, which has been moving in an extended bear market for the last 466 days.
The extended bear market for Dogecoin began back in 2021, when the price of the most popular memecoin on the market reached $0.73 thanks to the support of Elon Musk and the bull run on the cryptocurrency market in general.
you know what's cool about extended bear markets?— Shibetoshi Nakamoto (@BillyM2k) September 17, 2022
Unfortunately, with the lack of use cases and fundamental value, Dogecoin's price quickly tumbled down after the market faced the first large-scale selling events from institutional investors and whales. Despite the occasional tweets and interviews where Elon Musk mentioned Dogecoin and said that he will allow people to pay for Teslas with it, the prolonged downturn on Doge has not ended.
The most recent attempt to exit the bear market was Aug. 16, when DOGE's price spiked for more than 30% in just a few days and took the spotlight in the cryptocurrency market top.
At press time, Dogecoin is trading around $0.06 and moving in the prolonged consolidation range, which is a sign of low liquidity and volatility as investors are not currently interested in investing in high-risk assets like Dogecoin or Shiba Inu.