Dogecoin (DOGE), a fan-favorite cryptocurrency with a history of community-driven growth, is now a disappointment to many investors. This is because, unlike their counterparts, DOGE has failed to take advantage of the widespread effects of the market movements, which worries a certain section of the community.
While the excitement surrounding Dogecoin may have faded, investors are now seeking, among other things, new promising substitutes. The surge of demand for Rexas Finance (RXS) is worth mentioning in this regard, with the blockchain platform focusing on the tokenization of real-world assets (RWA). That is why many insiders are expecting more upside for Rexas Finance than Dogecoin during the coming bull run.
Backlash against Dogecoin: Price drops and investor disappointment
Over the past several months, Dogecoin has been unable to generate any real upward movement, notwithstanding the expanded uptrend of the overall cryptocurrency market. Now traded at $0.105, CoinMarketCap data showed that there was a 6.06% drop in the value of the DOGE token over a week. The long-gone effect of this strategy has brought concerns to most investors in regard to the return on the token, as it is mildly positive at the position towards future developments.
Recent analysis suggests that if DOGE breaks past the current support level of $0.096 now retained, the cryptocurrency may face more slumps to levels as low as $0.080. Compounding the bearish narrative is an important transaction executed by a Dogecoin whale, who in one recent transaction moved 118 million DOGE, worth $13.3 million, to the Binance exchange. This has raised concerns that the price of the coin will eventually plummet again, thereby causing even more price drops.Still, some groups of analysts have not given up hope for a short-term spike, and the tools that could facilitate that, such as the Relative Strength Index (RSI), are waving for a move up to $0.15, but generally, sentiments towards the cryptocurrency DOGE, more so to the masses, are still pessimistic. Nowadays for a lot of investors, this state of things is causing a great deal of frustration and many have started looking for other currencies that would be able to move up more actively and thoroughly.
Rexas Finance (RXS): A promising alternative
Bucking the downward trend seen with Dogecoin, Rexas Finance (RXS) as on a growth…