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Thursday, June 17, 2021

Dogecoin Increases Twofold In 1-Day, YTD Gains Spike Of 5,000%

Dogecoin has recently emerged as the most popular meme cryptocurrency. This happened after Dogecoin successfully managed to gain 12,600% in 1 year and will most probably create a series of millionaires.

This meme-based altcoin has become the favorite crypto soon after Elon Musk tweeted about it. Dogecoin price had doubled within a span of 24 hours and reached their all-time high by hitting $0.29.

New Favourite Altcoin Is The Dogecoin

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According to the reports of TradingView, DOGE has been covering huge grounds and rapidly outperforming several other important cryptocurrencies by a huge margin on 16th April.

As of now, DOGE has become the 8th largest cryptocurrency on the basis of market capitalization. The growth has been remarkable and it has already surpassed Uniswap, Litecoin, and Chainlink. DOGE is currently being traded at the $0.25 mark. This indicates an astounding 80% gain in 1 day and a staggering 300% during this week. It gained a massive 5,000% annualized returns.

This has been a historic fortune reversal that has adversely Bitcoin’s value and worth. This leading cryptocurrency has fallen back and retesting its preceding record high of approximately $61,000. Many of the tests for the support level at $61,000 have left open the door for further decline on 16th April, Friday. This might lead to a 2.8% loss.

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The dominance of BTC based on the market cap has significantly dipped to 52.1%. Moreover, the transactions ban in the central bank of Turkey has fuelled the slide and prevented the upside momentum. This might cause irreparable side effects for the payment network of the country that is fiat-based.

Ether is also showing signs of cooling down lately. It has dipped to the $2,400 mark from the $2,500 all-time high.

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