Dogecoin, also known as a “meme coin” and even previously dubbed “joke coin”, is trading at the price of 0.030$ after the latest surge for the past week. Before reaching the current price, DOGE traded over 200% below the current value, at the price of 0.0074$, which is at the same time the lowest price for the week. What caused the latest price surge for DOGE and how far can Dogecoin get with the latest rebound?
DOGE Surges by 269% in a Week: GameStop Redditors Turn to DOGE
After a group of Redditors, the better said the community of Redditors, join forces against the Wall Street RIP on the GameStop stocks, pushing the price of GameStop up and causing a drama with the Robinhood app along the way, Redditors are now turning to Dogecoin. DOGE was specifically pushed to new highs by a Reddit community of traders from channel r/WallStreetBots. GameStop (GME) was pumped by the same group of traders on Reddit, while the mentioned community encouraged others to invest in Dogecoin as well. Dogecoin is recording 269% of gains on the weekly chart. Moreover, DOGE is recording 1187% of rises on the yearly chart, which currently makes DOGE one of the top gaining coins for the year. Still, despite weekly, biweekly, and monthly gains with the latest surge, DOGE is away from its record price and is far from the dollar mark.
How Far Can DOGE Go with the Current Positive Momentum?
What always goes as true in the case of pumping, the rally has to stop at some point. It seems that that point came on February 2nd for DOGE when the crypto dipped for over -20% in less than 24 hours. DOGE might keep up with the positive momentum for some time during the next days, however, the case is more likely that DOGE will lose its current position for a lower price once the effects of the price pumping wear off.
Image credits: Cover photo taken from Depositphotos