Certainly, “Dogecoin” has reached levels that the most optimistic people could not imagine and expect to reach.
“Dogecoin” coin reached the level of $ 0.43 for the first time ever on April 16, according to coinmarketcap, as fans pumped the coin into its price amid a wave of hysteria.
To continue to fluctuate and rise and is expected to rise further yesterday, April 20, as the hashtag “# DogeDay420” invaded Twitter, with a collective lawsuit from celebrities and currency enthusiasts to make this day (April 20) a special day in the history of the currency “Dogecoin”.
Once peaking, however, the DOGE index fell nearly 32%, bringing the currency’s price to a daily low of $ 0.285 in early trade on Wednesday, April 21st.
Since then, Dogecoin has recovered slightly, trading at $ 0.329 at the time of writing.
A large discharge was inevitable after the pump that emerged after the Dogecoin surged 250% over the past week.
Dogecoin is currently ranked sixth in the list of the largest digital currencies in terms of total market capitalization, with a value of $ 42.3 billion.
Dogecoin has emerged strongly on Twitter:
As we previously mentioned, the date of April 20 was “DOGE Day” by members of the currency community on Twitter and Reddit.
The trend has spread outside the crypto circles and even candy brands like “Snickers” and “Milky Way” have joined the craze.
There was also no default in the encouraging coin comments on the part of “Elon Musk”.
According to CNBC, “Galaxy Digital” CEO Mike Novogratz stated that the “Dogecoin” movement is somewhat similar to what happened with “GME” stocks.
The aim of the “Dogecoin” infusions is to obtain and access the currency to a value of $ 1.
A cryptocurrency analyst dubbed “KALEO” on Twitter expected the “DOGE” dump to be huge.
While the burning momentum revolves around the “Dogecoin” coin, some analysts see that what is happening is pure insanity by virtue of the fact that the currency does not have any project and instead feeds on social momentum and media lights, and accordingly, at any moment this momentum dims, the fate of the currency will be painful.