The popularity of Dogecoin in the cryptocurrency market seems to be growing only daily. It’s one of the few tokens to record huge wins this year. Although significant losses were reported in May, DOGE still has a position among the top ten cryptocurrencies.
At the time of writing, DOGE is trading at $ 0.250 on the major exchanges after a 0.4 percent decline in 24 hours.
DOGE price analysis
Dogecoin seems to be stabilizing at its current level. After a continued uptrend at the beginning of last month, the coin was rejected for $ 0.29, causing a withdrawal to a lower level. Skipping $ 0.30 would be great DOGE, but this would mean support for bitcoin and the whole market. With Bitcoin recently withdrawing to $ 33,000, causing a $ 80 billion loss, DOGE’s short-term uptrend may be difficult to achieve.
Dogecoin’s prices could fall soon if the current price cut continues. DOGE’s withdrawal will reduce the value of the coin to about $ 0.20, which could create a subscription position for new traders or cause sales from dog coin supporters.
For DOGE, the development of purchase transactions is an immediate event if prices fall to a lower level because the brand gets a lot of jumps online encryption community. If more buyers join the DOGE, there may be a trend in coin price fluctuations.
Elon Musk seems to have started defending dogecoin again. After tweeting Shiba Inus, the crypto community was skeptical about whether Musk poured dogecoin on the DOGE killer. However, today Musk still proved to be a supporter of DOGE after tweeting ‘Release the Doge’. This will cause a rise in dogeconing soon.
Release Dode! pic.twitter.com/9bXCWQLIhu
– Elon Musk (@elonmusk) July 1, 2021
DOGE also finds overwhelming support from young investors, one of the largest groups supporting cryptocurrencies. Dog Money Millionaire Gary Lachance, commonly known as the host of the Decentralized Dance Festival (DDP), is donate a free dog coin as a reward for players who participate in a blockchain-based game he launches.
DOGE is not leaving in the near future as it has increased among young investors and the cryptocurrency, making it an ideal investment.
Where to buy Dogecoin
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