Dogecoin (DOGE) is rising after a huge 15% drop in price for the past 48 hours. The comeback made by DOGE comes in light of overall recovery in the market in general.
After a relatively stable month of August in DOGE price, the token experienced an explosion in price from partly $0.0022667 USD on August 30th 2018 at 06.49 AM GMT to above $0.00566 USD on September 1st 2018 at 6.49 PM GMT, representing an astonishing 150% increase in little over 60 hours. This increase was halted later in the day as the token lost 10% raising question on what could have affected the token’s strong bullish run. As some looked towards the coin facing a massive dump for the huge drop, other investors blamed the overall market correction for DOGE’s price drop.
However, it’s is the resurgence of DOGE in the last 24 hours that has propelled the coin onto every cryptocurrency news page across the globe. Dogecoin has long been targeted as a scam which lacks any real use as a cryptocurrency. However, the recent soar in price of DOGE will kill off FUDsters, at least for the moment.
The harder they fall, the harder they rise
The resent episode with DOGE is a mirror to the current happenings in the cryptocurrency arena. Cryptocurrencies have faced massive drops in prices since the start of February this year as most coins and tokens had a market correction. However, since Bitcoin’s resurgence to cross the $8,500 mark back in July, most of the altcoins have followed suit recording increases last seen before the crypto boom of 2017.
The fall and rise of DOGE in particular has been magnificent. First, as the bear reversal started earlier in the year, DOGE faced increasing calls of it being a “useless” and “joke” blockchain. This caused the token to plummet further and further down the charts as FUD around the coin spread.
From a high of $0.018 on some exchanges on January 7th, the coin faced a huge 67% drop in price in 10 days as the FUD grew. The coin further fell to $0.003 USD per token, which is a further 50% decrease, on the 6th of February causing panic and despair amongst HODLers of the famous “doggo-meme” token.
The price however proved to have created a new support level for the DOGE/USD pair as the price started its recovery process from then.
The DOGE recovery process
“Rome wasn’t not built in a day.”
That is the sentiment most of the remaining DOGE community hopefuls shared on various social platforms as they looked hoped for a market recovery to boost the coin’s price. The market recovery never came but the price of DOGE resurged to $0.008 USD on various exchanges barely 2 weeks after the new support level was reached. The rise however was short lived as a DOGE selloff ensued as the coin reached a yearly low of $0.0024 USD on Fool’s day, April 1st 2018.
The price recovered over the course of the next 3 weeks as the coin continue its gaining process to hit $0.0057 USD, representing a 100% increase in price. DOGE is currently trading at $0.005412 USD, representing a 2% daily increase in price.