Dogecoin out of nowhere raised over 500% to reach levels above $0.5. Altcoins that started out as a joke from time to time surprised a lot of people by going up significantly. Dogecoin started as a meme on Tweeter.
Dogecoin Turned From A Joke To A Real Cryptocurrency
Dogecoin has a huge following in the cryptocurrency world. Additionally, like Bitcoin, it has a real-world use case as a medium for peer-to-peer transactions using a decentralized network. While cryptocurrency is often referred to as money for geeks, Dogecoin is a token with an image of a dog on it. Perhaps this is why it is so valuable. People may find it easier to relate to Dogecoin than any other altcoin, let alone Bitcoin.
Dogecoin has got its start in cryptocurrency, debuting at the peak of the popularity of the meme, Doge meme – The iconic Shibe. In a tweet by Palmer, the Australia-based marketer, “investing in Dogecoin, pretty sure it’s the next big thing” put Dogecoin on the global map.
Dogecoin has had its ups and downs since its exciting beginning. However, the latest pump, over 500% is something extraordinary and Reddit traders are the ones to thank for that. The 4-hour chart shows Doge exiting the symmetrical triangle. However, unlike the usual breakout of a similar pattern in technical analysis, Dogecoin went ballistic as investors rushed to capitalize on the gains.
DOGE / USD 4 hour chart
For now, Dogecoin is trading at $0.038 after falling from a high of $0.051. The Moving Average Convergence Divergence is multiplying on the uptrend, indicating that Dogecoin could rise even more before a correction occurs. Support in the breakdown is unclear based on the big spike, but traders can remember areas like $0.035 and $0.025.
Spot rate: $0.035
Relative change: 0.003
Percentage change: -6%