Crypto
Dogecoin's Price Plunge: Is It Still Worth Investing?
Dogecoin's price has been hovering around $0.10 for most of this year, but that doesn't necessarily mean it's a good investment opportunity.
The meme coin has struggled to recover due to its lack of organic demand and limited adoption as a payment mechanism or store of value.
According to the crypto tracking site Cryptwerk, only 2,314 businesses worldwide accept Dogecoin for goods and services, which is a stark contrast to other cryptocurrencies like XRP, Ethereum, and Solana that have established use cases.
The coin's infinite supply will also cap its value in the long run, as there is no hard limit on the number of new coins that can be mined annually. This could lead to dilution and a decline in price per coin.