The cryptocurrency market is undergoing changes once again. Dogecoin, which once aimed for $1, is significantly losing value, while a new altcoin DeSoc is rapidly rising.
Dogecoin's Decline and Whale Accumulation
Dogecoin is losing ground once again, dropping over 4% after a recent 37% rally. The enthusiasm that pushed DOGE higher has quickly faded, and retail investors are staying on the sidelines. While whales continue to accumulate assets, holding over 122 billion DOGE, smaller holders are offloading their assets. Retail selling has persisted since early July, and new participants haven’t replaced those leaving, which negatively impacts the price.
The New Altcoin DeSoc
While Dogecoin struggles, a new altcoin, DeSoc (SOCS), is quietly gaining traction. DeSoc is capturing attention with its decentralized approach to social media, something traditional platforms have failed to deliver. The DeSoc team has locked their tokens for two years and secured a 30-year liquidity lock. This signals their long-term intentions and market stability.
What's Next for the Market?
Without fresh retail demand and consistently facing resistance, Dogecoin's path to $1 is becoming more challenging. Meanwhile, DeSoc aims to create a platform focused on data security and free speech. The market continues to change, bringing Dogecoin's future into serious question.
Amid increasing competition, Dogecoin is facing serious challenges. The growing interest in projects like DeSoc raises doubts about Dogecoin's ability to maintain its popularity and possibly rise to the desired level in the future.
