In the last couple of years, the cryptocurrency market witnessed a massive rise and a subsequent steep fall. During the last bull period in 2021, it seemed as though every crypto gained in price, and one of the best performers was the now-famous Dogecoin (CRYPTO: DOGE).
At one point in 2021, Dogecoin rose by more than 6,400% for the year when it climbed from just under a penny to nearly $0.65. On Monday afternoon, it was trading in the $0.09 to $0.10 range. Optimistic fans of the meme coin might hope that if this crypto winter thaws, Doge could make another monumental rally and potentially reach the coveted valuation of $1.
Those hopes look to be futile. Here are three reasons why:
Source Fool.com