Dogecoin is surging really high and has grown 4x in the last few days. This jump has changed the entire perspective regarding the meme cryptocurrency. A few days back, it was trading at around $0.06, and now, after making a record high of $0.29, it has consolidated back to $0.24. The last price hike happened in just one day, and the growth was more than 100%. After having consolidated from the $0.14 price point to below $0.1, it has jumped back again and stronger this time.
Dogecoin is surging, but why?
This seems to be a huge rally that has been pushing the price to new highs. Along with many investors, fan groups, and media houses covering the currency, it has also been getting a lot of hype because of Elon Musk. He literally talked about sending Doge to the moon, and it seems something just happened. But there is still no solid reason why the price of Dogecoin has increased so drastically so fast. We can speculate that the Coinbase IPO can be one of the major reasons for this price rise. It was rumored that the exchange would add the curreny to its platform and enable its trading, which will be a big step in the right direction.
Now, doesn’t the four times growth seem to be awesome, but this is nothing when you consider it to the price of Doge in early January. It was trading at just 1 cent and has scaled up 25x in just 4 months. If someone invested $10,000 back in Jan, then they will have 1/4th of a million dollars in their hand right now. And who knows how high it will go from here.
The hype behind Doge!
— Carlitos (@crispcentre) April 16, 2021
Dogecoin has been one of the most loved cryptocurrencies globally. It also shows the power of memes and how much people love to invest in fundamentally vague items. Dogecoin was never designed to be worth $0.25, and the fact that it does shows the kind of buying that is going on. In general, when there are low supply and high demand, the price goes up. But in the case of Dogecoin, the supply is unlimited, which makes driving the price higher a big problem. Even Twitter is going crazy over cryptocurrency. People are tweeting how it changed their lives and how HODLERS are still holding after the huge price hike of the currency.
What are your thoughts on the huge price hike of Dogecoin? And do you think that it is going up even further? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
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