Dogecoin investors can’t reason their way out of the declines that the eighth biggest cryptocurrency has suffered of late. The meme coin has shaved nearly 45% off its value since mid-June as the month of July continues to take a toll on the market. Investors are social media platforms are reminding one another to play the long game in which they fully expect DOGE to return to its former glory.
Insult to Injury
Adding insult to injury, Jackson Palmer, co-founder of the Dogecoin project, has come out swinging at the cryptocurrency industry, publishing a tweetstorm on why he will never return. While Palmer’s outburst was not directed at Dogecoin, per se, he certainly did not say anything that would restore confidence in the DOGE community.
Palmer originally disassociated himself with Dogecoin back in 2015 in response to what he described had become a “toxic” culture. Apparently, time does not heal all wounds, because now he is distancing himself from all of cryptocurrency.
He balks at the decentralized nature of the industry, saying instead it is ”
“controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”
I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no”, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here…
— Jackson Palmer (@ummjackson) July 14, 2021
Cryptocurrency market leaders have hit back, including trader WhalePanda, who has more than 290K followers on Twitter. He lambasted Palmer for the hypocrisy of building a “pump and dump meme coin” and then griping about these very assets. WhalePanda also blames Palmer “for more people losing their savings in the last six months than pretty much anyone else on earth, because he created Doge.”
Dogecoin investors are documenting their plight with the sharp declines in the Dogecoin price, including one Reddit member who has lost more than 50% on their investment. There are others like this investor. They are saying that at this point, it would be pointless to sell and therefore they are holding. Others are encouraging one another to buy the dip and wait for the recovery.
Altcoins have been under pressure as the biggest cryptocurrency, bitcoin, continues to fall despite signs of inflation. Bitcoin is known for being a rival store-of-value asset to gold, and Dogecoin investors are now posturing DOGE as a competitor to the precious metal.
Dogecoin is way better than gold
— Matt Wallace ⚠️ (@MattWallace888) July 15, 2021
The reasons, according to YouTuber Matt Wallace, include features such as “easy to buy/sell,” online access, “fun” and “great community,” all of which set Dogecoin apart from “boring” gold. Wallace says as long as the bitcoin price holds above USD 30K, he’s “not worried about Dogecoin yet.”