Dogecoin Gains Nearly 5% for the Week as Crypto Market Drops

Dogecoin is up for the week even though it has dropped today slightly along with much of the crypto market.

Written by: Timothy St. John • Thursday, April 11, 2024 • 2 min read

• Last updated: Thursday, April 11, 2024

Many of Dogecoin’s (DOGE) competitors are down over the last week, including Polygon, Litecoin, Polkadot, Cardano, and Solana. And yet Dogecoin has managed to gain.

For Thursday, Dogecoin fell 0.27% late in the afternoon, dropping to $0.1923 (DOGE/USD), but it has held onto its gains made this week and is set to swing up later today or perhaps early on Friday.

The cryptocurrency market has responded to high inflation numbers from the US CPI report, with most cryptos falling within the last few hours as of this writing. Dogecoin is among them, but it is not likely to stay down long.

Dogecoin’s trade volume is up from yesterday, when that inflation news broke, which is a positive sign and speaks to the token’s resiliency.

Doge Day Is Coming

Investors should know about the upcoming Doge Day to take place on April 20th. This milestone event is designed to celebrate Dogecoin getting listed on the Uniswap exchange, and it is set to take place directly after Bitcoin’s halving. It could be an incredibly profitable day for Dogecoin investors.

Hype is building up for the day, which is meant to take advantage of Bitcoin’s higher public profile following the halving and put Dogecoin out in front in the public consciousness as a key moment for the crypto currency market.

Speculation is running wild that Dogecoin will surge around this time, with the wildest predictions saying Dogecoin will multiply in value by 1,000%. Investors may push the coin past $0.30 this month as the anticipation builds, but traders need to be wary of excessive hype and outlandish predictions. Dogecoin has managed to more than double its value this year so far, but expecting it to do even more than that in the short timeframe of the next few weeks is unlikely.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.