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Dogecoin (DOGE), in light of the current meme coin craze, has become a major topic of conversation and speculation in financial circles. Dogecoin has seen some decent gains in value over the past weeks and has received acclaim from investors and enthusiasts alike.
Dogecoin has seen significant growth driven by factors such as celebrity endorsements, social media frenzy, and the growing acceptance of cryptocurrencies in mainstream culture.
Now, as the month of May approaches its fourth week, many are eagerly waiting to see if the meme coin reaches the long-awaited milestone of $0.10 per coin.
Dogecoin price on a roller coaster
This April, Dogecoin hit a new high after Tesla and former Twitter CEO Elon Musk, who is one of DOGE’s biggest supporters, changed the logo of the social media platform to a Shiba Inu dog that has become synonymous with cryptocurrency.
The move was seen as a significant endorsement of Dogecoin and saw its value rise by over 25% in a matter of hours.
However, the excitement was short-lived as the price of Dogecoin soon corrected, leading to concerns that the cryptocurrency was just a speculative bubble waiting to explode. But DOGE adherents remained unwavering, and as the weeks passed, the cryptocurrency began to gain momentum.
Here we go again
The price of the meme coin surged yesterday as the billionaire responded to a tweet: “Such a doge, lots of hair!” with a laughing emoji.
Such Doge, much hair! 😂🐾 @BillyM2k @elonmusk @dogeofficialceo pic.twitter.com/imaUn8BNLX
— Endrina Pavlić (@EPavlic) May 16, 2023
Dogecoin has climbed up the rankings again in recent days, thanks in part to the appointment of new Twitter CEO Linda Iaccarino, who is rumored to be a fan of cryptocurrencies.
DOGE: stuck in sideways trading
Dogecoin, a cryptocurrency that started out as a joke, has been trading sideways for most of the year, hovering between $0.070 and $0.10. Despite several attempts to break the crucial $0.10 threshold, Dogecoin has been unsuccessful.
The meme coin peaked at $0.097 in February and $0.096 in April, both of which failed to overcome the technical resistance level.
The market capitalization of DOGE is currently $10.3 billion. Chart: TradingView.com
As of now, Dogecoin’s current support level is $0.073 and with a trading volume of just $215 million, it’s unlikely there will be a significant move in either direction. This suggests that the cryptocurrency is likely to retain a sideways pricing model for the foreseeable future.
It seems unlikely that Dogecoin will hit the coveted $0.10 mark in May unless a major catalyst occurs.
Source: Koingeco
Dogecoin, which is currently valued at $0.0741 according to CoinGecko, has experienced a modest 0.7% rally over the past 24 hours, indicating a slight upward momentum in its value.
Over the past week, DOGE posted a 3.0% gain, further contributing to its overall positive performance in recent days.
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– Featured image from Dick’s Sporting Goods.
