Dogecoin (DOGE), in mild of the present meme coin craze, has turn into a significant subject of dialog and hypothesis within the monetary circles. Over the previous weeks, Dogecoin has tallied respectable beneficial properties in worth, and getting the nod of traders and fans alike.
Dogecoin has witnessed a substantial rise, pushed by components similar to movie star endorsements, social media frenzy, and the rising acceptance of cryptocurrencies in mainstream tradition.
Now, because the month of May 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 Price Rollercoaster Ride
In April of this yr, Dogecoin reached a brand new excessive after Tesla and former Twitter CEO Elon Musk, who is among the most vocal supporters of DOGE, modified the social media platform’s emblem to a Shiba Inu canine, which has turn 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.
However, the thrill was short-lived as the worth of Dogecoin quickly corrected, resulting in considerations that the cryptocurrency was merely a speculative bubble ready to burst. But the DOGE devoted remained steadfast, and because the weeks glided by, the cryptocurrency started to regain its momentum.
There It Goes Again
Yesterday, the worth 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 latest days, Dogecoin has as soon as once more moved up the ranks, thanks partially to the appointment of Twitter’s new CEO, Linda Yaccarino, who’s rumored to be a fan of cryptocurrencies.
DOGE: Stuck In Sideways Trading
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. Despite 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 did not breach the technical resistance degree.
DOGE market cap presently at $10.3 billion. Chart: TradingView.com
As of now, Dogecoin’s present help degree is at $0.073, and with solely $215 million in buying and selling quantity, it’s unlikely to expertise important motion in both course. This means that the cryptocurrency will possible keep its sideways pricing sample for the foreseeable future.
It appears unlikely that Dogecoin will attain the coveted $0.10 mark in May except a significant catalyst happens.
Dogecoin, presently priced at $0.0741 in keeping with CoinGecko, has skilled a modest 0.7% rally prior 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 latest days.
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-Featured picture from Dick’s Sporting Goods