The price of Dogecoin touched $0.3298 recently, which is the highest since August and has now reclaimed its rank at tenth from Eleventh, according to CoinMarketCap.
The coin is currently trading at $0.286 per token, down from its recent-time high but still well within the range for this year’s bear market.
As the price of Dogecoin continues to fluctuate, The coins have gone up by 2 percent in 24 hours which means that fluctuations are happening with this cryptocurrency right now. Still, they will most likely decrease as time goes on or rise again due to market volatility.
Dogecoin is currently being tackled by Shiba Inu, which some are calling the ‘Dogecoin killer.’ This may be good for Dogecoin as it will give them more of an independent identity, and competition between these two coins could lead to increased demand overall.
It is no surprise that the Shiba Inu price has skyrocketed over 140% in just one week. The cryptocurrency world is constantly changing, and it’s not hard to see why people are worried about their investments going up or down by mightily increments every few days.
However, Dogecoin may now reclaim its position as people start to buy back upon them because they’ve begun seeing good returns.
Besides this, Dogecoin has been consolidating in a triangular pattern for a long time. Soon it will give breakout, and you should hold your positions because of this breakout opportunity.
Furthermore, Elon Musk has been keeping a lot of secrets lately. He revealed that he doesn’t own any cryptocurrency, but his holdings are limited to Bitcoin, Ethereum, and Dogecoin – not one of the most popular meme tokens like Shiba Inu.
In his statement, he explained his support for Dogecoin. He stated,
“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge—it felt like the people’s crypto,”.
Despite this, The Shiba Inu coin, an Ethereum-based crypto coin, has shot up about 1,000% this past month. The high gains are partly due to one online petition on Robinhood.