After Elon Musk rocket lifted Dogecoin with generous tweets and flattering notes of support on numerous occasions, it became a widely accepted payment instrument – from the Dallas Mavericks to America’s oldest wine seller. Furthermore, the demand for DOGE expanded outside the US as well. Latvia’s largest air carrier, AirBaltic, enabled its customers to make bookings with it.
Several analysts and traders are of the opinion that Dogecoin’s price trend in 2021 mimics that of Bitcoin. However, others still view it as a bubble that is about to burst.
As major altcoins improved value behind Bitcoin and Ethereum, the DOGE was not far behind. This digital asset which managed to register a market capitalization of $34.10 billion even got ranked as the seventh-largest cryptocurrency on CoinMarketCap.
At this time, DOGE boasted of a 450% increase since the start of the year, and was trading at $0.2733. Year-to-date gains for Dogecoin come to over +6,000%, making it significantly more profitable than Bitcoin, which is up a comparatively 88%+ over the same period.
Given Dogecoin’s lack of fundamentals, its ascent attributes primarily to Elon Musk and clever market manipulation by whales. Musk has put on a pro-Dogecoin front for the longest time, even earning himself the title Dogecoin CEO. But this year has seen an uptick in his efforts to promote the project.
The last thing crypto needs is further scrutiny from regulators. But the DOGE situation seems like this will be unavoidable. The price of DOGE is not sustainable, it’s likely to collapse and massive amounts of retail money is going to be lost very quickly.
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