Dogecoin (DOGE) Extends Its Meteoric Rise - Forex News by FX Leaders

Dogecoin (DOGE) Extends Its Meteoric Rise

Posted Friday, April 16, 2021 by
Shain Vernier • 2 min read

There’s bullish and then there’s BULLISH!!! The latter best describes the meteoric rise of Dogecoin (DOGE), the once-parody of Bitcoin BTC. DOGE is not a joke anymore; prices are up almost 200% in the past 24-hours, eclipsing all crypto analyst expectations. Honestly, the world of finance has seen very few things like the 2021 rise of DOGE.

So, what is Dogecoin? If you’re not familiar, here’s a few fun facts:

  • Dogecoin was developed in 2013 by IBM developer Billy Markus and Adobe data scientist Jackson Palmer. It was intended to be a comedic alternative to BTC. 
  • DOGE uses a Shiba Inu dog as its mascot.
  • It’s completely anonymous, decentralized, and offers instant transactions.
  • There is no limit on how many DOGE may be created.
  • Currently, there are more than 129 billion DOGE in circulation, with roughly a $48.5 billion market capitalization.

As of this writing, it is a relative mystery why Dogecoin is heading for the moon. Perhaps it has been undervalued; maybe high-profile fans such as Elon Musk or Snoop Dogg are driving participation; or, maybe DOGE is receiving institutional bids. No matter what is happening, one thing is certain ― the price of DOGE is exploding.

Dogecoin (DOGE) Tests $0.45 

In a Live Market Update from Thursday, I issued a short-term sell recommendation for the DOGE/USD. The trade turned out to be a miserable loser and a classic example of why we use stop losses!

DOGE/USD, 4-Hour Chart

Overview: At this point, it’s up, up, and away for Dogecoin. Because the rally makes very little sense, it’s anyone’s guess where the buying will stop. $0.50? $0.75? $1.00? Who knows?! Right now, an extreme bullish bias is warranted.

On a side note, DOGE is up 185% over the past 24 hours, 515% over the past week, and 18,537% over the past year. Subsequently, the Dogecoin phenomenon has become a fascinating and historic event. If you got in early, well done!

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