Concern! So scare! After an impressive seven-day rally that blew up the price of up 362%, today marks the start of its decline, and it’s fast.
Doge has a reputation for being the most volatile cryptocurrency–Tweets from Tesla CEO Elon Musk pumped the price of DOGE by 40% in an hour earlier this year–a phenomenon that some analysts call the ‘Elon Musk effect.
Dogecoin the last bull run began on April 9 when its price was six cents. Over the next eight days, it exploded more than six times, to the point that at 12:04 a.m. UTC today, the coin was worth 39 cents, although its price has since fallen by 12 cents to $ 0.27, which means that it is very likely to start to decline. Quickly.
In 2013, software programmers Jackson Palmer and Billy Markus created Dogecoin in response to the altcoin typing frenzy. It started as an ironic response to a novel and emerged crypto bubble.
For his avatar, they chose a viral image: the iconic Shiba Inu, better known as Doge, from a meme that, to this day, is instantly recognizable to anyone who has scoured the web for memes. .
Dogecoin has had a cult until bull run last winter, when it became a small, but often profitable, pop culture phenomenon via Twitter. Celebrities like rapper Snoop Dogg, rocker Gene Simmons and multi-billionaire Elon Musk all had a few things to say about the currency on the platform, increasing its price in the meantime.
This has been great for Dogecoin. In February, its market capitalization was $ 17 billion. Market cap, which is calculated by the number of the exceptional supply multiplied by the price of the currency, allows us to plot the share of the global crypto market that a currency has cornered, and Doge’s market cap is today Today up to $ 50 billion out of a total cryptocurrency market cap of $ 2 trillion.
The other big engines.
The rest of the crypto market is also healthy. Bitcoin set a new all-time record of $ 64,863 Wednesday April 14. Although he has since relapsed at $ 61,651.
Perhaps the biggest negative news to come for the currency was the announcement from the Central Bank of Turkey that the will be banned in Turkey from April 30. Bitcoin saw a 2% price drop after the news broke, although it has since regained 1.39%.
Among the top 20 cryptocurrencies by market capitalization, and increased the most overnight.
BTC Bitcoin Cash rallied nearly 25% overnight to reach a price of $ 1,111 is a 66% gain from last weekend.
Vechain shows similar growth. It is currently trading at 22 cents, up 33% from last night and 69% from last weekend. Altcoin set new all-time highs last week, the most recent being ten hours before this article was written when it hit 27.8 cents. Still, a drop of five cents in the space of ten hours is a 17% drop, and that’s certainly a cause for concern.
So, it’s a very volatile market today, but hey, when is it otherwise?
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.