Dogecoin Sets A New Record: Is The DOGE Price Increase Sustainable?
If we say that 2021 has been a kind of Dogecoin (DOGE) year, we probably wouldn’t have used a wrong statement. With the support of popular names and community support, DOGE is performing a magnificent performance in 2021.
A Joke Coin: Dogecoin
When Dogecoin first emerged, it emerged as a joke coin (meme coin), and it was not expected to have any value or show high price performances. However, DOGE became one of the most mentioned cryptocurrencies, especially with the statements of Elon Musk and the effects of the SatoshiStreetBets group formed after the WallStreetBets movement.
In order to understand DOGE’s performance in 2021 more easily, it will be sufficient to look at prices and current prices at the beginning of the year. Dogecoin was trading at $ 0.0055 at the beginning of 2021. Today, on April 14, the price broke a new record with $ 0.12. In other words, DOGE price increased by 2100% in approximately three and a half months.
Will It Be Pump & Dump Again?
Pump and dump is when an entity rises too suddenly for no reason at all, and then falls again suddenly. Pump & dump movements at the DOGE price have been experienced in the past weeks, with both Musk’s tweets and community members exciting the ecosystem .
For example; On January 28, Dogecoin price surged from $ 0.007 to $ 0.087, after which the price dropped sharply to $ 0.02. According to analysts, if there is a similar move, the price may decline to the $ 0.07 levels after rising further.
Is Dogecoin Rise Sustainable?
According to many experts, the increase in DOGE price is not a sustainable increase. Because Dogecoin does not have any purpose and therefore does not establish development steps or partnerships. However, Dogecoin still has strong community support, so there are those who think the price will continue to rise.