Dogecoin: Doge Drops from All-Time High, Musk’s SNL Debut Up Next
- Dogecoin dropped roughly 17% after reaching an all-time high yesterday
- The meme-inspired cryptocurrency surged after being made available on two more platforms this week
- Next up for Doge – Elon Musk’s SNL debut on May 8th
Dogecoin Surges in 2021
Dogecoin has witnessed an astronomical surge in price since April of this year, spurred on by the Reddit community and occasional Twitter endorsements of the meme-coin from Elon Musk – the self-proclaimed “Dogefather”.
Doge has built up significant momentum ever since April 28 when Musk tweeted, ‘The Dogefather. SNL May 8’, which reignited interest in the coin.
Dogecoin has shown that what started out as a fun and easy way to send and receive cryptocurrency, has become a major talking point not only in the crypto space but also in the wider finance community. The cryptocurrency has a market capitalization of around $76.75 billion which is more than Dell or interestingly enough, Coinbase.
Cryptocurrency Market Capitalization
Dogecoin Posts New All-Time High
Dogecoin posted a new high yesterday just above the $0.69 mark spurred on after the announcement from eToro and crypto exchange, Gemini, that both will be offering Dogecoin to their respective clients. This newest addition to both platforms is said to be due to increasing public demand for the crypto.
While Doge made a new high, multiple Reddit posts from Doge enthusiasts appear to have the $1 mark in their sights. The elevated average true range indicator (ATR) shows that this market continues to exhibit periods of volatility, meaning large price swings remain a possibility.
At the time of writing, the dogecoin price has witnessed a pullback from yesterday’s high as we head into Friday and then onto Elon Musk’s much anticipated SNL performance.
Doge 4-Hour Chart
Chart prepared by Richard Snow, Tradingview
--- Written by Richard Snow for DailyFX.com
Contact and follow Richard on Twitter: @RichardSnowFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.