DOGE the meme coin made up in the market cap. It pushed itself upwards in the largest crypto in the market list. Dogecoin is having $11 billion of market cap currently. Polkadot is having $10 billion market cap. DOGE’s price is $0.0845. $10.26 is that of DOT. The meme coin only values DOT’s 0.823%. But it has huge popularity along with support from the community. Not only crypto circles but also non-crypto ones talk about the digital currencies not requiring solid back working or any developmental logic. Only excellent timing and crowd that will capture the content will be enough. Visit at: https://bitcoin-system.site/
The current scenario
- After the strong push by Elon Musk, top cryptos continued their rally. Leading cryptos traded higher and his favorite Dogecoin earned more than 16 %.
- On 27th May Elon Musk tweeted that DOGE will get accepted by Tesla.
- He also mentioned that soon Spacex will join.
- This made the meme coin catch everyone’s attention again.
For crypto trading and investment log onto Bitcoin smart. - Another highly hyped coin now is the new LUNA. Old LUNA’s dramatic crash and the new Terra blockchain’s launch constantly kept on reminding people regarding it.
- However, this launch does not look like touching the mark that was created.
- The crypto market cap worldwide moved to $1.52 trillion.
- It saw an increase of 9.27 % in the past few days.
- Yet the total volume of the crypto market tanked to $89.95 % by 29 %.
Why is the price of DOGE going up?
- DOGE’s price went up along with other cryptocurrencies at the time of the bubble that rose in 2017.
- During 2018, it fell too with others.’
- Last year in May, the meme coin was at its highest value of $0.7.
- After the news of Elon Musk buying Twitter came out, the price of DOGE moved to $0.165 from $0.124 not even within 12 hours.
- His deal with Twitter has no such direct link to DOGE.
- Yet on 9th April, he tweeted regarding hypothetically allowing users to pay with DOGE for Twitter Blue.
- Previously he has embraced the meme coin.
- His action helped spur a few of its price changes.
- The price of DOGE rose by almost 30 %.
- Last year in December it became $0.2175 after Elon Musk said that his company Tesla will begin to accept the coin for merchandise payment.
- Yet it never included the cars.
- From the beginning of 2020, a price fluctuation of almost $0.15 and $0.12 was seen.
- Then its price increased to $0.155.
- Then it sat at $0.165.
- Still, it was down by 18 % in the last 12 months even after a 25 % rough surge on 25th April.
- The coin got backing from some celebrities such as Elon Musk.
- It has aided in pushing up its price.
- But it too experienced lows.
- The appearance of Elon Musk on the US Saturday Night Live saw DOGE’s price plummet for some time.
- Its price was more than $0.70 during the show.
- But then after the mention of Musk regarding crypto, its price saw a fall.
- It hit $0.47.
- Then DOGE witnessed a surge after the announcement of a popular crypto platform accepting it.
- Customers using the eToro platform will be able to buy DOGE and sell it.
- Almost 20 million people worldwide use this crypto platform.
- But this meme coin’s moment among the leading cryptocurrency hitters never lasted for long.
- Because of its over-dependence on short period trends, serious investors did not consider it.
- It was down by almost 50 % from being below $0.3 last year in October.
- All regulations along with opposition in China and India, saw its value plunge.
- Thus its price hit record highs now due to the backing from Elon Musk and support from some top tech finance firms.
- Leading financial institutions were also interested in it.
Conclusion
Crypto investments require knowledge apart from huge risk-taking capability. But investing in something and not doing thorough research is never advisable. It is impossible to get full knowledge and predict the future trend. All hype and market trending may seem good. But it is never stagnant. In hourly basics, this volatile market will surprise everyone. Binance already warned impulsive cryptocurrency enthusiasts to understand everything before taking further actions.
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