The price of Dogecoin (DOGE) has dropped by 1.5% in the past 24 hours, with its slip to $0.070790 canceling out a brief return to a $10 billion market cap earlier this morning.
DOGE's fall today means it has lost 10% in a week and 13.5% in the last 30 days, with the meme token now up by only 0.5% since the beginning of the year.
Given its poor performance recently, many traders have begun turning to meme tokens, Pepe (PEPE) and SpongeBob (SPONGE) being among the best performers in the past few weeks.
And these two new meme coins may soon be joined by AiDoge.com (AI), a meme-generating platform that has already raised just over $6 million in its presale.
This belief is reinforced by DOGE's support level (green), which has begun rising again after a period of steady declines, meaning that the meme token is strengthening its position.
Indeed, DOGE's move towards a market cap of $10 billion was arguably reversed only by a fall that was general to the entire market, with Bitcoin (BTC) down by 4% today.
And it seems that at least some whales are currently buying the meme token, taking advantage of its fairly steep undervaluation right now.
It's therefore reasonable to suspect that DOGE is due a recovery, with its price potentially rising beyond $0.070790 and returning to somewhere around $0.075 in the next few weeks.
As for its longer-term prospects, these all hinge on Twitter, which the Dogecoin community expects to introduce DOGE payments at some point in the future.