In recent months, Dogecoin has been the most popular cryptocurrency on the Internet, and its price has risen sharply. But the situation changed after reaching its peak at the beginning of this month, and has been in free fall since then. However, although the price continues to fall slightly (including the sharp drop in the last few hours), the current price seems to be beginning to stabilize and is still at a high level compared to the price before April this year. So is Dogecoin stable again? Will it continue to be crazy?
Dogecoin rose to a record high of US$0.74 in the first week of May (Dogecoin price in India was 54.06 rupees at the time), but it has been falling for the past two weeks. The market crash also affected other cryptocurrencies-for example, the price of Bitcoin in India fell to the rupees. Earlier this week, the price was 25,34,271 rupees, compared to the high price of rupees. Bitcoin in April was 48,79,220. The valuation of Dogecoin also fell by about 50%, reaching the lowest price of Rs on May 23. 21. Since then, it has had some upward trends, and at the time of writing, the price was slightly lower than Rs. twenty four
Now, the big question that every investor thinks of is whether Dogecoin has stabilized? The value of Dogecoin increased by 2.74% 24 hours ago, and at the time of writing this report, its international transaction price was $0.34. After reaching the low point on May 23, Dogecoin’s CoinDesk chart is relatively linear, which shows that since reaching a peak on May 25, there has been no significant fluctuations since then.
It is difficult to say whether the stability that Dogecoin has shown in the past few days will continue, but its value has reached the level it was before the beginning of the bull market in April. Technology billionaire Elon Musk has been widely praised for pushing Dogecoin’s crazy operation through tweets. The CEOs of Tesla and SpaceX began tweeting in February when the meme currency was relatively unknown at the time, and everyone’s attention was focused on Bitcoin, the world’s largest cryptocurrency.
Dogecoin is people’s cryptocurrency
-Elon Musk (@elonmusk) February 4, 2021
Soon, Dogecoin surged by 50%. Since then, Musk has always stated that he is in dialogue with developers of digital assets to improve “system transaction efficiency.”
Cooperate with Doge developers to improve system transaction efficiency. Potential hope.
-Elon Musk (@elonmusk) May 13 2021
However, after the market crash last week, many investors accused Musk of manipulating the cryptocurrency market through his social media comments. Some currency bulls even formed a group to “stop Elon” to tweet. The organization accused Musk of “trying to use encryption technology for several years, posting endless tweets on it, and even conducting a Saturday night live broadcast, which is the last thing that made Dogecoin rise. Means! It’s ridiculous!”
Musk has said that he supports cryptocurrencies, which have the potential to become the future currency of the planet. But for now, savvy investors should remember that many of the cryptocurrencies that fell during the 2018 crash have never recovered their all-time highs, so “buying on dips” is not necessarily a winning weapon.