Today is no ordinary day for hodlers of Dogecoin. 91% price appreciation in just 24 hours. And 98% in just one week.
Just what happened?
Bitcoin and most crypto currencies are currently experiencing a New Year’s push. This has resulted in All-Time High of over 32K USD for Bitcoin.
But today's boom on Dogecoin far exceeds the average of other currencies.
Enter Elon Musk, last week the founder of SpaceX twitted that a future Mars colony would run on crypto. After a candid exchange it seemed clear which was the coin of choice; Dogecoin.
With that endorsement, the Dogecoin community started pushing and replicating the effect of this boost to the coin. Now we will just have to wait and see if this price level can be sustained, or if the coin will slip back to its traditional levels of valuation, just as it did after the tik-tok challenge momentary burst experienced in the middle of last year.
It must be noted that there is always risk associated with dealing in cryptocurrencies. This is an unregulated market, so care must be exercised to contrast the information provided in this article before you commit any funds. This article is not intended as financial advice.
