Dogecoin ‘is pure speculation and will end badly’ says Yusko
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Dogecoin has been rallying in recent weeks following social media support and promotion from famous faces like SpaceX founder and Tesla CEO Elon Musk. The cryptocurrency features the iconic Shiba Inu doge meme and was first founded as a joke by software engineers Billy Markus and Jackson Palmer.
Last week Dogecoin surged by 8,000 percent, trading near $0.42 (£0.30).
Elon Musk tweeted his support of the cryptocurrency, with social media campaigns pledging to send DOGE “to the Moon”.
Investors were hoping to push Dogecoin to $1, however, the currency has been dipping since last week’s surge.
So what’s happening with Dogecoin now? Is Dogecoin spiking again?
Read More: Why is Dogecoin going down? DOGE creator warns ‘nothing is guaranteed’
While DOGE is not close to the $0.42 (£0.30) of last week, the currency has seen an increase today.
At the time of writing Dogecoin was trading at $0.266720 (£0.19) a 24 hour increase of 1.05 percent.
DOGE had a market cap of $34.46 billion (£24.81 billion) and has not been able to maintain the highs of last week.
In fact, it dipped to $0.229515 (£0.17) at 10.44pm on Sunday, however bounced back to $0.276709 (£0.20) at 1.59pm today.
DOGE is now the seventh-largest cryptocurrency in the world – a significant feat.
Investingcube says Dogecoin is in price discovery mode, with its volatility according to the Average True Range dropping to the lowest level since April 16.
Dogecoin looks to remain at this level as the market waits for another provocation.
Investingcube said investors should watch for the support and resistance of DOGE at $0.20 and $0.30.
Social media users have been continuing their support of the smaller cryptocurrency – trying to reignite the furore seen last week.
One said: “Man, we need a dogecoin party to get started. Things are more quiet lately then they were last week.”
Another added: “Doge to the Moon!”
While a third urged their followers to “Buy Dogecoin”.
How to buy Dogecoin
If you want to buy Dogecoin, you will need to head to a cryptocurrency exchange like Binance or Kraken.
You will need to set up and fund an account with money or cryptocurrency.
Then you will be able to buy and exchange cryptocurrencies, including Dogecoin.
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