Regardless of having a horrible “Dogeday” late final month, it’s arduous to be disillusioned should you’re a Dogecoin proprietor that’s held the cryptocurrency asset since the starting of the 12 months. That’s as a result of Dogecoin, whose ticker is DOGE, is up a staggering 5,000% since the starting of 2021.
The lovable cryptocurrency and bitcoin rival received its begin in 2013 as one thing as a tongue-in-cheek joke. Dogecoin relies on the Doge meme. However since the starting of the 12 months, that joke of a coin has taken off. With a price of simply $0.005 on January 1, 2021, DOGE hit $0.41 per coin on April 20, 2020–the day Dogecoin fans proclaimed “Dogeday.” It was a day these fans hoped social media hype might get DOGE to $1 a coin. That didn’t occur, and as a substitute, the forex plummeted to $0.23 over the subsequent few days.
However as of at this time, Dogecoin is again up on its hind legs. The cryptocurrency has hit an all-time excessive of $0.43 as of the time of this writing. So why is DOGE breaking obstacles once more? It’s arduous to know for certain, however certainly one of the large elements may very well be that yesterday the standard on-line trading platform eToro opened up trading of Dogecoin on the platform. With eToro supporting DOGE trading, it lends just a bit extra legitimacy to the meme cryptocurrency. That being stated, cryptocurrencies, on the whole, are extremely unstable and that’s much more true for cash like DOGE. So think twice earlier than you dump your life financial savings right into a meme coin. This rally might nonetheless be extra bark than chunk.