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Dogecoin is a cryptocurrency featuring a likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo. Introduced as a “joke currency” on 8 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014.
With a market value of $357,330,839, the cryptocurrency market has gained a lot of attention with people looking to find the next bitcoin. One of those people is “Billy Markus” who created “Dogecoin” in a lighthearted manner. While some people are using this coin for fun, others are using it for real money, as it has been gaining attention in the cryptocurrency world. What do we know about the Dogecoin?
Summary of the situation
The Dogecoin price forecast highlights DOGE’s breakthrough beyond the immediate supply area.
Dogecoin is up more than 20 percent in the past 24 hours.
Dogecoin managed to avoid its early morning trading ban zone in the $0.25-$0.28 range.
Dogecoin suffered from a rush of investors in early trading today after the price stalled around $0.2. This region seems to be fast becoming a space where there is a lack of volatility for crypto assets. However, the cryptocurrency has managed to register an explosive jump in price, breaking the $0.3 mark.
Dogecoin Price Forecast: Price Overview
Dogecoin, the sixth largest crypto asset by market capitalization, rose a shocking 22% today, from $0.28 to $0.35. The move comes an hour after businessman Elon Musk tweeted about the currency meme. In his usual style, Elon took to his Twitter to express his approval of the crypto asset. Elon is known for promoting Dogecoin, despite owning Bitcoin himself. In his tweet, he wrote: The Dogefather SNL 8. May. His message was intended to draw attention to the upcoming SNL conference, in which he will participate as a sponsor.
Shortly after the tweet, the price of Dogecoin began to take an upward turn and at the time of writing this article, the price is around $0.323. Dogecoin recently reached a new high of around $0.44, making many investors millionaires overnight. Most of the people who have benefited are Tik Tok users who have invested heavily in these crypto assets.
Elon is now known for promoting Dogecoin, and his efforts have made him the unofficial CEO of the crypto network. His unusual tweets about Dogecoin also attracted attention: The U.S. Security and Exchange Commission told him to be careful or risk criminal prosecution for violating regulatory laws.
Dogecoin price movement in the last 24 hours
On Tuesday night, Ellen hosted billionaire Mark Cuban on her popular talk show, where he was asked about his comments on cryptocurrencies and Dogecoin. In his reply, Mark talked about his admiration for the cryptographic key. Speaking about the history and current performance, Mark expressed his confidence in Dogecoin. All these sentiments and publicity are responsible for the sudden attention and price increase.
Dogecoin’s current uptrend seems far from over as it benefits from recent positive celebrity publicity. For this reason, Dogecoin is currently one of the daily leaders in the entire crypto-currency market, ahead of crypto-currencies like Ethereum and Cardano. It is worth noting that bitcoin is currently struggling to find support at the $55,000 level amid a bull market.
Graphical Dogecoin 4 hours
DogeFather tweet Source: TradingView
According to Dogecoin’s 4-hour chart, the crypto asset is currently under strong buying pressure. If you look at the RSI, which is currently at 67, you can see that the bulls are at an advantage over the bears. The MACD (Moving Average Convergence Divergence) technical indicator also supports a bullish view. At the time of writing, you can see that the blue MACD line is well above the signal line, indicating that Dogecoin is strongly bullish.
Despite Elon’s influence in controlling the price of Dogecoin, the analysis shows that the cryptocurrency is moving away from its reliance on famous people. The dogecoin has recently recorded positive prices without the help of these people. Dogecoin is now a well-known crypto asset for most traders and investors in the market.
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Dogecoin has been on a roller coaster during the second half of 2017. The cryptocurrency started the year trading at just US$0.0007, but the early December spike to US$0.0019 saw it break into the top 20 cryptocurrencies in terms of market capitalization. Like many other altcoins, however, Dogecoin fell back below US$0.01 shortly after. Dogecoin has never really been considered a serious cryptocurrency. Its fans often describe it as a “joke currency”—albeit one with a 100 billion dollar market cap, which is—of course—no laughing matter. But the reality is Dogecoin has shown it can compete with the big boys when it comes to transaction volume: in January, the Dogecoin network did $223 million worth of business, and in February that number was $169 million, putting it right in there with Bitcoin.
Is Dogecoin expected to rise?
Dogecoin is a cryptocurrency that has been on the market since 2013. The currency is based on a popular internet meme called Doge, a Shiba Inu that is famous for its distinctive comic sans-like font, poor grammar, and tendency to use the word “Wow.” Dogecoin is one of the most well-known altcoins, and is consistently among the top 20 cryptocurrencies by market cap. (The term “altcoin” refers to a cryptocurrency that is not Bitcoin.) When you think of cryptocurrencies, you probably think of things like Bitcoin and Ethereum, however, there are numerous other cryptocurrencies that have been gaining in popularity and value recently. One of these cryptocurrencies is Dogecoin. Dogecoin was created in 2013 and is an open source peer-to-peer cryptocurrency much like Bitcoin. The key difference between Dogecoin and Bitcoin is that Dogecoin has a higher supply, the maximum number of Dogecoins that can exist is capped at a 100 billion and is expected to be reached by the end of the century.
How much is Dogecoin worth in 2021?
Dogecoin is a cryptocurrency featuring a likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo. Introduced as a “joke currency” on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. Dogecoin was created by programmer Billy Markus from Portland, Oregon, who hoped to create a fun cryptocurrency that could reach a broader demographic than Bitcoin. In addition, he wanted to distance it from the controversial history of other coins. Dogecoin is one of the many cryptocurrencies that have sprung up since Bitcoin was first introduced in 2009. Since then, Dogecoin has managed to increase in value by more than 3000 percent. This might be surprising considering how popular it is, but it’s not as surprising when you take a look at the market capitalization. At the time of writing, Dogecoin was ranked sixth in market cap, behind Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. https://bit-bay.com/blog/how-much-is-dogecoin-worth-in-2021/
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