One of the top 10 cryptocurrencies, Dogecoin is gradually losing its charm. Once the “most-wanted” coin, it is now struggling to gain back the retail euphoria. The latest step in that direction comes with its new marketing strategy in the form of textile.
The new fabric of Dogecoin
Interestingly, a couple of days ago Dogecoin launched its own T-shirts with the intention of improving the network. All the money generated from the sales of this merchandise was aimed to help Dogecoin develop.
The team is also trying to promote environmentally friendly merchandising this way. Since the shirts come with a QR code using which the shirt can be sent back and remade.
However, the irony is- Dogecoin merchandise cannot presently be purchased using Dogecoin. The website’s payment processor Stripe currently lacks support for it and the dollar is the only way to go right now.
The Dogecoin store homepage | Source: DogeSwag
This isn’t the first time Dogecoin has made an attempt to launch itself into the mainstream this way. Last month Burger King ran a reward system where those who make orders above $5 would receive a free Dogecoin.
Alas, all these gimmicks haven’t played any actual role in helping the altcoin. Given that it continues to witness a drawdown with prices falling to 2 cents, at the time of this report.
Well, it did gain 52% in the first half of November but it has since invalidated all that growth. Plus, on the macro scale, it is still stuck in the downtrend wedge since May with attempts to breach through it. However, it has been failing time and again.
Dogecoin price action | Source: TradingView – AMBCrypto
Curiously, right now only those who bought DOGE before April are in profit, everyone else is at a loss. Especially the 200k investors who bought DOGE around the all-time high prices of $6.
Dogecoin all-time highers and lowers | Source: Intotheblock – AMBCrypto
Anyhow, investors continue to remain loyal by HODLing their DOGE with recent investors maturing into mid-term holders (MTH). These people have held their DOGE throughout November and currently represent 35% of the entire DOGE supply.
Dogecoin holders distribution | Source: Intotheblock – AMBCrypto
Plus, thanks to its solid correlation with BTC standing at 0.94, investors still have some hope with DOGE should Bitcoin rise again.
Dogecoin correlation with Bitcoin | Source: Intotheblock – AMBCrypto
