Dogecoin, the cryptocurrency that skyrocketed in price in early April due to the sudden zealous support of one of the world’s most powerful businessmen, Tesla founder, Elon Musk, has seen a major drop following his company Twitter’s withdrawal of their now iconic logo. After a climactic surge that saw the currency jump 7.9% to $0.085 last Wednesday, Dogecoin plunged in less than 24 hours, a clear indication of just how much influence and power Elon Musk holds in the crypto market.

The rise of Dogecoin began in February when a group of enthusiastic investors and bullish crypto traders undertook a “long line squeeze” strategy to convert Dogecoin from a deflationary currency to an inflationary asset. This caused the DOGE’s price to surge, with the cryptocurrency reaching a peak on April 1. On April 3rd, Twitter issued a tweet from its account that featured a picture of its iconic bird logo holding up a Dogecoin. The image sparked hope and guidance that the cryptocurrency was on a journey of world wide adoption and was due to skyrocket in numbers and prices.

The hopes of a surge and gain in momentum were cut short, however, as a few days later Twitter reverted back to their traditional bird logo. Shortly after this, Dogecoin prices began to continuously decline, with no positive news coming out of the market to support the currency.

This roller coaster ride of confusion and uncertainty surrounding the coin has not dissuaded those who believe in its future potential; many including Elon Musk, continue to support and aggressively back the cryptocurrency. Despite the recent drop, Dogecoin remains a serious contender in the cryptocurrency market, seeing vast and quick gains at a time when most other coins have struggled to keep pace. With the backing of such a high profile and powerful figure, many analysts have warned that DOGE is only going to get stronger.



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