Dogecoin has witnessed a substantial rise, pushed by components comparable to movie star endorsements, social media frenzy, and the rising acceptance of cryptocurrencies in mainstream tradition.
Now, because the month of Could approaches its fourth week, many are eagerly anticipating whether or not the meme coin will attain the extremely anticipated milestone of $0.10 per coin.
Dogecoin Value Rollercoaster Experience
In April of this yr, Dogecoin reached a brand new excessive after Tesla and former Twitter CEO Elon Musk, who is likely one of the most vocal supporters of DOGE, modified the social media platform’s emblem to a Shiba Inu canine, which has change into synonymous with the cryptocurrency.
The transfer was seen as a big endorsement of Dogecoin, and its worth surged by greater than 25% in a matter of hours.
Nevertheless, the joy was short-lived as the value of Dogecoin quickly corrected, resulting in considerations that the cryptocurrency was merely a speculative bubble ready to burst. However the DOGE trustworthy remained steadfast, and because the weeks glided by, the cryptocurrency started to regain its momentum.
There It Goes Once more
Yesterday, the value of the meme coin went up because the billionaire responded to a tweet: “Such Doge, a lot hair!” with a laughing emoticon.
Such Doge, a lot hair! 😂🐾 @BillyM2k @elonmusk @dogeofficialceo pic.twitter.com/imaUn8BNLX
— Endrina Pavlić (@EPavlic) May 16, 2023
In current days, Dogecoin has as soon as once more moved up the ranks, thanks partly to the appointment of Twitter’s new CEO, Linda Yaccarino, who’s rumored to be a fan of cryptocurrencies.
DOGE: Caught In Sideways Buying and selling
Dogecoin, the cryptocurrency that began as a joke, has been buying and selling sideways for a lot of the yr, hovering between the vary of $0.070-$0.10. Regardless of a number of makes an attempt to interrupt via the essential $0.10 threshold, Dogecoin has been unsuccessful in doing so.
The meme coin’s peak worth was $0.097 in February and $0.096 in April, each of which didn’t breach the technical resistance stage.
DOGE market cap at present at $10.3 billion. Chart: TradingView.com
As of now, Dogecoin’s present assist stage is at $0.073, and with solely $215 million in buying and selling quantity, it’s unlikely to expertise vital motion in both course. This implies that the cryptocurrency will doubtless preserve its sideways pricing sample for the foreseeable future.
It appears unlikely that Dogecoin will attain the coveted $0.10 mark in Could until a significant catalyst happens.
Dogecoin, at present priced at $0.0741 in response to CoinGecko, has skilled a modest 0.7% rally up to now 24 hours, indicating a slight upward momentum in its worth.
Over the course of the previous week, DOGE has seen a 3.0% improve, additional contributing to its total optimistic efficiency in current days.
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-Featured picture from Dick’s Sporting Items