Dogecoin Jumps 37% – How High Can DOGE Go This April?
2024年3月29日 - 8:25PM
NEWSBTC
Retail and institutional investors alike are taking notice as
Dogecoin (DOGE), the playful cryptocurrency born from internet
fame, experiences a surprising surge. Prices jumped almost 10% in a
single day this week, marking a 37% increase over the past seven
days, according to CoinGecko. This unexpected rally has the “Doge
army” howling with excitement, but experts caution that the future
of this meme-inspired coin might not be all sunshine and rainbows.
DOGE up nearly 10% in the last day. Source: Coingecko From Meme To
Market Mover Dogecoin, launched in 2013 as a lighthearted parody of
Bitcoin, has defied expectations. It has evolved into a symbol of
community-driven digital currency, attracting a passionate
following. However, despite its recent rise, Dogecoin remains far
from its peak of $0.73 reached in May 2021. Related Reading:
Bullish Winds Blow: Bitcoin Bull Flag Points To New $77,000 ATH:
Analyst Technically, Dogecoin seems to be finding support at
$0.1599, a level that previously saw a rebound. On the other hand,
resistance is visible near the recent high of $0.2184. As the
weekend approaches, speculation runs rampant. Some analysts predict
a potential dip of 6-7% for DOGE in the coming days. DOGE putting
up impressive numbers in the weekly timeframe. Source: Coingecko.
This forecast reignites the debate about the forces driving
Dogecoin’s price. While the coin boasts a fiercely loyal community
and undeniable brand recognition, its value remains susceptible to
the whims of the crypto market. Speculative trading, investor
sentiment, and broader market trends all play a significant role.
Social Media’s Pawprints And Elon’s Tweets Social media and
celebrity endorsements, particularly those from Tesla CEO Elon
Musk, have undeniably shaped Dogecoin’s dramatic price swings.
Musk’s tweets, often laced with humor and references to the Doge
meme, have triggered sudden buying sprees, leading to periods of
intense volatility. DOGE market cap currently at $31 billion on the
weekend chart. Chart: TradingView.com Also, recent whale activities
have accompanied Dogecoin’s price rise. The increase in activity,
as seen in on-chain market dynamics, has boosted investor
confidence in Dogecoin. The rise in whale accumulation shows how
huge holdings influence cryptocurrency market trends and prices.
Related Reading: From $90 To $400 Litecoin: Analysts Bullish On LTC
Soaring Trajectory Meanwhile, Dogecoin’s adoption by Coinbase
Derivatives marks a major shift in thinking, recognising its rise
from a fanciful internet phenomena to a crypto asset. Dogecoin’s
longevity and expansion beyond meme status indicate growing
institutional and retail investor adoption. As anticipation grows
for the Coinbase IPO, Dogecoin’s recent gain shows its endurance
and attractiveness in the ever-changing cryptocurrency world.
Featured image from Pixabay, chart from TradingView
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