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Dogecoin (DOGE) is bowing to the current bearish pressure in the broader digital currency ecosystem today. At the time of writing, the premier meme coin is changing hands at a price of $0.0634, down by 0.60% in the past 24 hours. The Dogecoin receding momentum is not deep enough to stir a fade-off in the coin's weekly performance.
Dogecoin bulls are notably eyeing a bullish recovery, but the overall bearish outlook has posed a notable bottleneck to this growth. Dogecoin started September with mixed performance, with most traders taking profit, a trend that has notably depressed its trading volume by 28%.
The broader market has been on edge since the news of Ripple's counter to the interlocutory appeal from the United States Securities and Exchange Commission (SEC) over the security status of XRP. While the update in the case is compartmentalized within the Ripple ecosystem, the impact has been deemed a major tipping point for the broader market.
The precedent that the case is poised to set will have an underlying impact on other tokens in the industry, including Dogecoin, and it has notably started impacting their growth in more ways than one.
Multifaceted Dogecoin boosting factors
Besides the broader market impact, Dogecoin has remained one of the most demanded digital currencies by whales. This singular factor is important in shifting the overall advantage that can push the price of Dogecoin out of the current stalemate it is in at the moment.
Besides the probable whale trigger, the meme coin remains the favorite of Elon Musk, the owner of the X app who appears quite determined to help the coin retain its luster as the face of the social media platform. With different stunts to boost the popularity of the coin in recent times, chances are we may see more customized growth trends in DOGE in the near term.
Vladislav Sopov