A major part of Dogecoin’s drop has been the crackdown on cryptocurrencies—it’s taken a toll on crypto assets, and DOGE is no exception. Furthermore, meme assets haven’t seen the same buying support as other digital assets amid the crash.
While “diamond hands” and “HODLers” can hold onto their assets despite the crash, this cannot support prices. Also, given the crash in Dogecoin, its community seems less able to influence others to buy the meme coin. Crowd buying is a key driver of meme assets.
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