• Dogecoin (DOGE) price has been on an upward movement for the past 48 hours, with the price rising from $0.0731 on Thursday to $0.077 on Friday, December 23.
• Dogecoin attained its highest price on May 8, 2021, when the meme cryptocurrency recorded an all-time high (ATH) of $ 0.74.
• Dogecoin’s over-sensitivity to tweets and comments by the billionaire CEO of Tesla and Twitter Elon Musk is also notable.
Dogecoin (DOGE) has been on an upward movement for the past 48 hours, with the price rising from $0.0731 on Thursday to $0.077 on Friday, December 23. This is a second straight bullish session, with bulls focused on significantly increasing its value. Dogecoin’s all-time high (ATH) was attained on May 8, 2021, when it recorded a price of $0.74. Since then, it has recorded a multi-year low of $0.05 around May, which was attributed to the Terra collapse situation that sent most cryptos in limbo. At the time of writing, the DOGE price was trading at $0.077, according to data from TradingView and CoinGecko, up by 5% in the last 24 hours to record a market cap of $10.69 billion and a 24-hour trading volume of $887.767 million.
Dogecoin, a dog-themes crypto developed as a joke in 2013, has amassed a notable amount of popularity and attention over the years. This meme coin’s over-sensitivity to tweets and comments by the billionaire CEO of Tesla and Twitter Elon Musk is also notable. In several instances, Musk has expressed his support for DOGE both in interviews and through social media posts. In fact, Musk himself is a Dogecoin holder.
The attention that Dogecoin has gotten from Musk has led to a lot of speculation as to whether the coin will reach new heights. Musk’s cryptic tweets have led to a lot of rumors, such as the possibility of a Dogecoin-based payment system being implemented in Tesla cars. However, nothing has been confirmed as of yet.
In the last few months, Dogecoin has seen a lot of success, with its price climbing steadily from the lows of $0.05 to its current price of $0.077. The current bullish trend is likely to continue for the foreseeable future, with investors expecting the price to reach new highs. It is likely that the attention from Elon Musk and other celebrities will further add to the coin’s value.
Given the current market sentiment, Dogecoin appears to be bullish in the short-term. If the current trend holds, it is likely that the coin will be able to reach its ATH of $0.74. However, investors should always keep in mind the risks associated with investing in cryptocurrencies, as prices can be highly volatile.