Dogecoin is among those cryptocurrencies that enjoy a solid boom right off the bat because there is always an influencer or an investor supporting their play. These cryptocurrencies get really successful really fast, and then these begin to decline in their price and market domination with no chances of ever making a comeback ever and their tales are forever lost amid the starry blossom of others doing so well, such as Ethereum and Bitcoin. Well, part of this analogy is correct for Dogecoin, and a small part of it has been just disproved by Dogecoin itself.
Dogecoin had Elon Musk as its influencer, not on a legal basis or anything, but Musk happened to be someone really hooked on the idea of a meme-based cryptocurrency, and he really had a thing for Dogecoin. He tried everything with Dogecoin to make its price rally. From continuous tweeting about the Dogecoin, how promising its premise is, and how it is going to take the crypto market from storm to hosting an SNL (Saturday Night Live) along with his mother as the co-host to secure some audience for Dogecoin so he can make it soar all the way to $1.
Dogecoin has Performed Outstanding in the Last Week
But alas, things didn’t work out the way he intended, and Dogecoin’s price continued to decline at a steady pace and finally hit rock bottom. Not only Dogecoin was not in any kind of highlight all this time but it kind of disappeared from the crypto market’s fabric until now. Dogecoin has seen a continuous uptick in its price by a factor of 41% in the last week or so. It is once again in the dreary limelight of a bullish cycle as it is soaring faster than even Bitcoin and Ethereum combined.
It was trading at an all-time high price of $0.73 before the May crash, and it is not the same case at the time of writing; to state a fact, it is almost 63% lower than that price. But in recent weeks, Dogecoin has seen some incredible price surges, and it is going pretty consistent with these as weeks are passing by.