Let’s talk about DOGE, the meme cryptocurrency that has generated a return of more than 1,200% in the little that goes this year. How is it possible? Will the price of Dogecoin continue with this trend? In this publication we try to answer this question.
At the time of this writing, the crypto meme is trading at $ 0.059 according to the ProBit exchange, accumulating a loss of 13.96% in the last 24 hours.
At the moment the DOGE trend does not give its arm to twist
Despite a clear artificial, speculative, and greed-filled pumping, even the bulls within the Dogecoin market have not wanted to give up control of the trend.
So far, the fall that the price is making only means a small correction, if we compare the strength of the decline against that of the large rise.
From the all-time high at $ 0.088, the price has fallen just over 35%.
Although there are still not many signs of wanting to resume the previous trend, we could soon see a new buying pressure, let’s remember how manipulable this cryptocurrency is.
In the daily time frame we observe a clear short-term uptrend, composed of increasingly higher lows and highs.
Based on current behavior, it is most likely that you are looking to perform a minimum and a subsequent search for new historical highs.
This trend has also been able to resume in a matter of a few days the great long-term uptrend, one that generally performs great feats, marking for many what is considered the beginning of an altseason of the crypto market.
Now if we look at the monthly chart of the price of Dogecoin we may see it quite overbought, in a parabolic momentum that still shows no signs of exhaustion.
Of course, it is very likely that a big correction is on the way, the question is when. At the moment there is nothing that tells us that we cannot first see new volatile jumps of the cryptomeme.
Is it really worth investing in Dogecoin at today’s price?
Created in 2014 as a way to make fun of the cryptocurrency fever, it has not stopped surprising even its own creators.
Billy Marcus, creator of Dogecoin, does not understand the furor that is causing in the networks. He claims to have abandoned the project just a year after its creation, selling all the DOGE tokens he owned at the same time.
You may be regretting it, because you undoubtedly owned a few million of a coin that is now worth $ 0.06, and which some wish to continue to artificially inflate.
But at the end of the day it is still that, a simple meme that has caused extreme greed in many investors.
Solid foundations that support such growth does not exist. But in these times where money is basically guaranteed by trust, who says a horde of pranksters can’t make their Dogecoins worthwhile?
Elon Musk, the CEO of DOGE
Without a doubt, the one who has promoted extreme increases in the price of Dogecoin lately has been Elon Musk.
Repeatedly, the creator of Tesla has named the meme token in his tweets.
He has assured that it is the money of the people, the currency that could rule the world, or who could dethrone Bitcoin.
At one point he even proclaimed himself the «CEO of DOGE», leaving it in his biography on Twitter, in a profile that has more than 40 million followers.
The impact that this personality has had on the price of this token is really surprising, despite the fact that everything is still a joke.
How far will all this go? I don’t think the excitement ends too soon. Even if we see a big drop in price, for now there is nothing that tells us that DOGE is going to disappear from among us, inhabitants of the crypto ecosystem.
All our publications are informative in nature, so in no case should they be abided by investment advice.