Coming! So bang! After an impressive seven-day rally the price of Dogecoin with 362% higher, it’s the start of its retreat today, and it’s fast.
Doge has a reputation for being the most volatile cryptocurrency–Tweets from Eles Musk, CEO of Tesla the price of DOGE pumped in the course of an hour earlier this year by 40%–a phenomenon that some analystsElon Musk Effect.
Dogecoin’s most recent bull run started on April 9 when the price was worth six cents. Over the next eight days, it inflated more than sixfold to the point where the currency was worth 39 cents today at 12:04 UTC, although the price has since fallen by 12 cents to $ 0.27, which means it will most likely start deterioration. Quickly.
A meme currency?
In 2013, software programmers Jackson Palmer and Billy created Markus Dogecoin in response to the madness of altcoin. It started as a tongue-in-cheek response to a novel and emerging crypto bubble.
For his avatar, they chose a viral image: the iconic Shiba Inu, better known as Doge, who was hoisted from a meme that to this day is instantly recognizable to anyone who has dragged on the internet in search of memes.
Dogecoin had a cult up to and including Bitcoin’s bull run last winter, when it became a small but often lucrative pop culture phenomenon via Twitter. Celebrities like rapper Snoop Dogg, rocker Gene Simmons and multi-billionaire Elon Musk, all had a few things to say about the currency on the platform, and meanwhile pumped up the price.
It was great for Dogecoin. In February, its market capitalization was $ 17 billion. Market capitalization, multiplied by the number of outstanding bids multiplied by the price of the currency, allows us to determine how much of the global crypto market has a currency in the corner, and Doge’s market capitalization today is up to $ 50 billion out of a total capital market of $ 2 billion.
The other big movers.
The rest of the crypto market is also in a healthy place. Bitcoin set a new highlight of all time $ 64,863 on Wednesday, April 14th. Although it has since fallen back to $ 61,651.
Perhaps the biggest negative news regarding the currency was the announcement by the Central Bank of Turkey that it is a currency will be banned in Turkey from 30 April. Bitcoin saw a subsequent 2% drop in price following the news, although it has since recovered 1.39%.
Of the top 20 cryptocurrencies by market capitalization, Bitcoin cash and Vechain grew most overnight.
BTC fork Bitcoin cash collected almost 25% overnight for a price of $ 1111, that’s a 66% increase from last weekend.
Vechain boasts similar growth. It is currently trading at 22 cents, 33% higher than last night and 69% since last weekend. The altcoin reached new highs last week, the last ten hours before this article was written when it scored 27.8 cents. A drop of five cents over ten hours is a 17% setback, and that is certainly worrying.
So it’s a very volatile market today, but hey, when is it different?
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.