As a seasoned researcher with a keen interest in cryptocurrencies, I’ve witnessed firsthand the rollercoaster ride that is Dogecoin. Having tracked its trajectory since its inception, I can attest to its meteoric rise and subsequent fall from grace. The recent 87% surge in trading volume is a testament to the meme coin’s enduring allure, but the 5.20% drop in price within the last 24 hours serves as a stark reminder of its volatile nature.
The popular meme cryptocurrency based on dogs, Dogecoin, has experienced a significant surge in one crucial aspect – its trading volume. As reported by CoinGlass, the trading volume of Dogecoin has soared by an impressive 87%.
Over the past day, the value of Dogecoin decreased by 5.20%, even though there was a significant surge in its trading activity. In the last seven days, Dogecoin has shed a zero and plummeted over 7% due to pessimistic investor feelings and a correction in the stock market.
Elon Musk did not help
This past week, my attention was caught by a remark made by Elon Musk, the CEO of Tesla, regarding X, which has ignited curiosity within the realm of cryptocurrencies.
Elon Musk posted on Twitter that Starlink bank accounts were being frozen, which drew a reply from “Sir Meme of Crypto,” a well-known Dogecoin advocate, who jokingly proposed, “Dogecoin can solve this issue.” This lighthearted exchange sparked excitement within the Dogecoin fanbase.
In January 2021, Elon Musk’s comments triggered a significant increase in the value of Dogecoin, reaching $0.032642 – an impressive surge of 339%. However, its peak price of $0.682 was attained on May 8, 2021. Despite notable endorsements from celebrities, the use of Dogecoin for business transactions is currently quite restricted.
Although Elon Musk supported it, Dogecoin didn’t achieve significant progress. In fact, the Dogecoin value dropped by over 7% due to the recent correction in the cryptocurrency market.
Overall bearish sentiment
The removal of a zero significantly impacted Dogecoin investors. With the market now entering the “severe fear” phase, bullish traders must exercise patience and look for the opportune time to make their move again.
For quite some time now, Dogecoin has been experiencing a consistent drop, failing to surpass significant barriers established by its moving averages. This persistent drop is further supported by the 200-day Exponential Moving Average (EMA), which remains well above the current price, suggesting a prolonged downtrend.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- USD ZAR PREDICTION
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- USD COP PREDICTION
- USD PHP PREDICTION
- CAKE PREDICTION. CAKE cryptocurrency
- Top gainers and losers
2024-09-07 13:49