The 26th crypto by market capitalization and one of the oldest altcoins with a lot of users, Dogecoin (DOGE), entered April with significant value gains and was among the top cryptocurrencies that recorded weighty gains after Elon Musk, Tesla and SpaceX founder, made some positive comments about the coin. The all-time high and low for the coin is $0.018773 USD (Jan 07, 2018) and $0.000085 USD (May 07, 2015) respectively.
“Dogecoin might be my fav cryptocurrency. It’s pretty cool,” Musk tweeted on April 2.
The praising comment on DOGE appeared after April Fool’s Day poll that was asking the competent person to be Dogecoin’s next CEO. And of course, Elon won the poll with around 54% of the total vote.
The crypto opened this month at over $$0.004096 on April 4, but after a few hours, the price of the coin started to plummet. For over three weeks now, Dogecoin has never increased in price since Thursday, April 4,, actually it has plunged by more than 11%.
Musk changed his Twitter bio to “CEO of Dogecoin.” Recently, he warned DOGE investors via a tweet, that “Dogecoin value may vary.”
However, DOGE has whatever it takes to recover in the near future – the fall and price fluctuations appear to be short term. As a matter of fact, the current breakdown was unavoidable – how? After its immense gains immediately after Musk’s praise comments, users and investors were certain to take profits, as it has been occurring with all other valuable assets. The moment the period of profit-taking is completed, the prices of the crypto in question will start stabilizing and it will once again skyrocket steadily – this is a normal short-term phase in any valuable asset.
For a forward-thinking and strategic investor, this is a great opportunity to earn massive profits in the future – buying when the price of the coin is low (like at this particular time) and then wait for the price surge to sell – since there are several nitty-gritties influencing Dogecoin’s upsurge far beyond these short-term price trends. For instance, its utility in payments – the coin is very fast, has low cost, and is uncensored. The crypto will also soar in the payments field because of it visible stability. DOGE also has various astonishing and attractive products that are built around it, such as Doge racer game, etc.
Generally, Dogecoin is such crypto investors should hold for the long haul, and massive gains will be amassed when institutional money comes into this particular market to form retail FOMO in cryptoasset. In other words, Dogecoin will see massive gains because of superior and grander fundamentals.
Meanwhile, the coin surprisingly hit a high of 58 satoshis on Thursday, April 18, and $0.00289 on Tuesday, April 23, according to data from coinmarketcap ( CMC).
Dogecoin (DOGE/USD) is in green and is currently trading at around $0.002538 with a 1.22% positive change. Its market capitalization is at $302.733 million (approx. 57,233 Bitcoin), with a daily trading volume of $27.18 million. However, the total MC is standing at $172.231 billion and Bitcoin, the flagship crypto, continues to dominate the market with a 54.4% dominance.