2020 was good for cryptocurrencies despite the fact that the rest of the economy dropped down. Most of the coins retained their price or proliferated, attracting attention of both long-term investors and day traders.
All those inquiring, ‘Why is dogecoin going up?’, should keep an eye on a few market trends and news sources. We will outline them herein.
Why dogecoin is going up today
Assuming that at the time you read this you wonder, why is dogecoin going up today, showing an impressive (or, at least, considerable) growth, here are the possible reasons for it.
- A large dogecoin sale occurred recently, shaving off the most lucrative offers and revealing the costlier ones respectively. Mind that the market will soon recover after such price jumps because traders will try to close the price gap.
- Someone is pumping the price. Presumably, it’s a large holder. The usual suspects in this matter are Elon Musk with his famous tweets about Doge and Bitcoin, or Wall Street, but there are more Doge evangelists: as soon as they mention anything remotely acclaiming towards a crypto, buyers rush to stock up on it, causing the price spike.
- Another reason why dogecoin is going up today is hype around cryptocurrencies in general. Bitcoin’s value has jumped from cents to dozens of thousands of dollars, and gradually more people are growing aware of the possibility to make money with crypto. They’ve just decided that Doge fits their personality! The interest is further fueled by the recent cryptocurrency advancements: NFTs, gaming, and social platforms.
- The strong community itself ensures the stability and growth of Doge. Check out its nice website: it definitely shows off a lighthearted attitude and welcomes more fun and friendly folks.
When is dogecoin going up: get ready to jump in
We know that, in general, the price of any coin will rise when everyone is buying; in other words, the market enters the bullish trade. And why is everyone buying? We’ve just covered the possible reasons.
The applicable value of all this knowledge is to be able to determine: when is dogecoin going up. Armed with that knowledge, a trader may make an early purchase right after they notice a piece of news that is likely to pump the price, and later make the bear move and sell it on the local high.
Traders say that every coin has its own character, so looking at the past history of Dogecoin we might notice a periodic fluctuation or another kind of correlation. When was the last time we saw dogecoin going up?
Back in January 2018, when a TikTok celebrity with a sizable audience started to encourage everyone to buy Doge and “all get rich”. DOGE was incredibly cheap compared to BTC or ETH at that time and it indeed gained momentum, reaching the price mark of $0.015 so the promise was not entirely false.
When the price finally stabilized, the coin traded for $0.002 compared to $0.0002 before the hype. So the holders indeed made some x10 profit.
Why is dogecoin going up now? Look for no other explanation: the price is being pumped through the media again, and it will invariably dump afterwards; however, it will likely settle at the level that will be acceptable to everyone.
Dogecoin going up or down in 2021?
The general market rules will be applicable to DOGE throughout the course of this year (and on), so after the pump culminates, its price will drop. As of the time of writing, early April 2021, it has started to drop already. When is dogecoin going up again then? The next takeoff should be expected no later than after the market cools down.
Will the value of Doge ever reach $1? Even the next time we see dogecoin going up, it is unlikely to reach the mark of $1 per coin. Public sentiment and belief are extremely powerful forces but it will take a lot more than that to pump Doge to $1. A few viral tweets might prove us wrong though!
Should you pick DOGE as your ‘fav’ coin? The mere fact that Doge is heavily featured on the Internet these days should not make you believe it’s worth your attention. There are still some pigheaded skeptics out there (who probably hold some Doge just in case) that argue that the true price of dogecoin is zero. And that it will reach that price, eventually. So did the bitcoin skeptics think. What do you think? What do you believe in? Are you ready to back up Doge with your assets and prefer it any other of dozens of cool promising coins?
How to earn DOGE? Buy it if you dare, get a tip from a fellow holder, or start mining. After all, if Doge is a joke coin, watching dogecoin going up could make you laugh really hard.