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- 1 Dogecoin is trying to break its long consolidation range of more than 450 days.
- 2 Dogecoin is the most popular and oldest meme-coin in the crypto space.
- 3 This article delves into the performance, updates, and other factors driving Dogecoin in 2024.
Dogecoin is the oldest meme coin and the most popular one having the highest market capitalization. DOGE exploded in the year 2021 and created a huge wealth for its investors. However, afterward, it went bearish and since then it has been in a tight consolidation. Meanwhile, there are multiple updates on the meme coin fluctuating its price and giving hype it.
How Dogecoin Got A Boom In 2021
Dogecoin made a big impact in 2021, showing the potential of meme coins to the crypto world. From the start to the middle of the year, Dogecoin soared over 130 times in market size, becoming the fourth-biggest cryptocurrency after Bitcoin, Ethereum, and Binance Coin.
The main reason for Dogecoin’s success was the support of Elon Musk, the boss of Tesla and SpaceX, who tweeted about it several times. Several celebrities joined him, such as Snoop Dogg and Gene Simmons from Kiss. Mark Cuban, who owns an NBA team, also helped Dogecoin by letting his fans buy stuff with it. His team did about 6,000 Dogecoin deals in April that year.
Dogecoin’s huge growth happened at the same time as a general crypto boom that made Bitcoin reach a new high. People were willing to take more risks, and the Dogecoin fans on Reddit and elsewhere boosted the coin’s momentum. Dogecoin is still a popular coin in the market, and its price could change a lot depending on what famous people and the general social media says about it.
Dogecoin Bullish Elements
While Dogecoin may be supported by a very large online community it is nevertheless based on pure blockchain technology. The blockchain is miner-friendly. And, DOGE has the support of famous celebrities and individuals who show their support and love on social media platforms.
Dogecoin Bearish Elements
The most disadvantageous factor behind the DOGE bearishness is its lack of real utility and that it is more of a fun coin. It has an unlimited supply which is also a bearish factor for the memecoin. Its value depends on its fans, who make it a gamble, a wild, and dangerous thing to own. The meme coin’s fans can get angry and mock those who disagree with them. Even the people who made Dogecoin don’t support the fans anymore.
Will Dogecoin Get a Boom In 2024
Dogecoin has been consolidating in a horizontal channel for more than 450 days. If the price breaks the upper resistance band of this consolidation phase, then investors might see the new higher levels.
Moreover, DOGE stands at the number 10th position according to CoinMarketCap data. It has a bigger market cap than the major cryptocurrencies like Polkadot, Polkadot, and others.
Additionally, it has a strong community and various solid endorsements like Elon Musk and Snoop Dogg. However, there are some bigger projects are also on the way like speculations surrounding the market that DOGE will integrate with the X platform for the payment option. However, it is not confirmed but in the future, if this integration happens then doge might surge to the new targets.
Conclusion
Dogecoin, a meme-based cryptocurrency had a remarkable rise and fall in 2021. For some days the question rising in the crypto space is the DOGE dead or not? However, recent news and some technical factors are pointing towards the rise of crypto in the upcoming days.
FAQs
Will Dogecoin reach the level of $1?
DOGE’s $1 target depends upon its adoption rate, market conditions, and any crucial development in its utility. However, the crypto space is unpredictable making certainties impossible.
What did Dogecoin’s fans feel about DOGE?
There are different opinions, from strong support to doubt. On social media and online platforms, supporters celebrate its spirit and possibilities, while opponents highlight the difficulties it has in becoming widely accepted and used.
Is DOGE a good option for long-term Investment?
Dogecoin’s future as a long-lasting investment option depends on its usefulness, supply factors, leadership, and fan base. More work from developers and more real-life applications could improve its chances.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
