Dogecoin, a token created as a joke to mock bitcoin, has become a major digital asset whose holders are increasing by the day. Elon Musk’s favourite coin has slumped by more than 20% in the past seven days and lost 4.5% in the past 24 hours.
DOGE started June with very high hopes after being listed on one of the leading exchanges in the US, Coinbase Pro. However, the coin seems to be stumbling again, and it is edging towards a strong bearish momentum.
At the time of writing, dogecoin was trading at $0.304 on major exchanges after falling by around 4.5% from the previous day’s closing price.
Dogecoin Price Analysis
Dogecoin’s recent fall may prepare the token for another weekend rally, which may fuel the coin for another upward price movement such as the one caused by the ‘Coinbase Effect’ on June 4.
In May, dogecoin was falling under the pressure of the broader crypto market, but this does not seem to be the case this month. Bitcoin is prepping the crypto market for another bullish rally, and it may give the broader crypto market the support it needs to recover from the bears. However, dogecoin does not seem to be recovering in response to bitcoin’s stability.
Nevertheless, this does not mean that the token may not be headed for another bullish rally soon. Dogecoin has been making news this week, all thanks to the boom of NFTs. If the meme coin can manage to exploit the potential of the NFT space, it may propel the value of DOGE.
The original DOGE image has been sold as an NFT on Ethereum at a whooping seven-figure sum. The original image of dogecoin features a Shiba Inu dog, whose popularity spiked in 2010. The token was published by the first author of the token, who sold it for over $4 million.
Musk has also fueled dogecoin’s rally, and the Tesla boss may trigger yet another rally in coming weeks through a tweet. With Musk being a major advocate for DOGE, the probability of him tweeting about the token are high, and investors need to be on the lookout to seize a buying opportunity when this happens.
Dogecoin still has to make huge efforts to recover an all-time high of around $0.75. Even with its recent dip, the coin has increased by over 12,000% since the beginning of the year.
Where to buy DOGE
If you want to buy dogecoin, the best place to look is on a crypto exchange that supports the token. The best exchange that comes highly recommended for DOGE trace is eToro.
eToro is a popular exchange that is supported in many jurisdictions. The exchange is supportive to new traders because it allows them to copy trade. Copy trading is where you will have the option of copying what experienced traders are doing, which increases the chances of making a profit.
To buy DOGE on eToro, create an account on the exchange, fund the account and create an order. You can then wait for dogecoin to increase and sell the token or hold for the long term.
Looking to buy or trade Dogecoin (DOGE) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link