![]() ![]() Because of these constraints, the recent increase in the asset’s value may be explained by pure speculation.Īs things stand, Dogecoin is changing hands at $0.1395, up 16.18% in the last 24 hours, leading the top 100 cryptocurrencies by market gains, up 133.27% in the previous week with a total worth of $18.4 billion.ĭisclaimer: The content on this site should not be considered investment advice. Additionally, there are question marks around DOGE as a reliable form of wealth storage. When considering whether the recent rally can be maintained, it is reasonable to presume that the asset’s limited number of current use cases is the primary factor holding it back. ![]() Perhaps they believe that the capacity to maintain the Musk-inspired gains can be ascribed to the speculation seen in meme stocks and cryptocurrencies in 2021. Crypto community bearish on DOGE price predictionĭespite this, the crypto community has low confidence in their price estimate for DOGE by the end of November. This caused DOGE to overtake Cardano ( ADA) BY market capitalization despite many crypto enthusiasts considering the latter to have more use cases. In the midst of heightened purchasing pressure, the asset experienced weekly gains of over 100% at one point. Musk’s electric vehicle company Tesla (NASDAQ: TSLA), already allows the use of Dogecoin to purchase merchandise. ![]() The majority of analysts believe that the recent surge in the price of DOGE may be ascribed to the token’s potential use case on Twitter as a payment system. Dogecoin leads crypto market gainsĪ recent uptick in the global cryptocurrency market has led to a rise in various alternative cryptocurrencies, including Dogecoin, which has also benefited from this trend. he said Dogecoin's skyrocketing price was a sign that the cryptocurrency market was. While DOGE holders saw their wealth grow, data shows that over 70% of Bitcoin millionaires were wiped out over three quarters in 2022. But Bitcoin was also open source, meaning anyone could copy it. ![]()
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