The market value of the meme-based crypto Dogecoin fell on Tuesday, after some wild surging days. The digital token already hit a record, forecasting a possible crypto bubble in May/June. The digital currency already managed to hit a record peak to break previous records. In fact, its market cap soared to more than $50BN at the point
But CoinMarketCap reports Dogecoin’s downfall on Tuesday. It almost immediately experienced a verso after falling by 15.4%. The new value was around $0.33, declining the cap to $45BN or so. However, the market comparison suggests more than 1 trillion USD capitalization for the popular cryptocurrency.
Dogecoin supporters initiated a hashtag-fuelled rally on the success in previous weeks. Fans deliberately used hashtags like #DogeDay & #DogeDay420. They posted multiple memes, videos & messages to popular social platforms. Which noticeably involves – TikTok, Reddit & Twitter. However, the price started to fall soon after the rallies lost steam.
Diana Biggs, CEO of Valour, marked the doge rally to be an interesting convergence. The meme coin becomes more like a native language for new-generation retail investors – she added.
Its official logo features a Shiba Inu dog at the coin’s center. Many business platforms are taking steps to allow trading through dogecoin. And the interest directly contributes to its bullish market momentum for months.
2021 already witnessed an astounding 8000% increase in dogecoin value. Even though it primarily started the journey as a satirical critic of 2013’s Frenzy, another cryptocurrency.
Moreover, several factors initiated a skyrocketing growth of the crypto in no time. It managed to overtake widely preferred tokens like Litecoin & Tether as well. Currently, it holds the 6th position in the world of active cryptocurrency.
US-Bookies, a betting aggregator, tries to predict its possible surge throughout 2021. Dogecoin holds a 16.7% implied probability for ending 2021 in the market. And the estimation can result in its value exceeding $1 by 2022.
The ongoing crypto market is experiencing a downfall for a couple of days. And many enthusiasts are expecting Dogecoin to lead the way. But it’s possible to check something impressive with a sudden rise.