Dogecoin Surges 400% In A Week, Hits 44 cents Per Coin
Dogecoin, a cryptocurrency favored by meme lovers, crypto subreddits and Elon Musk, has achieved a mind-boggling feat this week, growing over 400 percent to reach the 44 cent mark.
The Doge-themed cryptocurrency started the week by trading at approximately 7 cents a piece before adding some 70 percent to climb to 12 cents by Wednesday and skyrocketing to over 40 cents per coin on Friday.
On Thursday, when the coin was trading just a bit under 14 cents, Musk tweeted a reference to the meme-inspired currency β something that he frequently did in late January 2021, when Dogecoin, aided by /r/SatoshiStreetBets and /r/WallStreetBets subreddits, grew from one cent to five cents.
The Thursday tweet was followed by a spike to 18 cents, and then to 27 cents and then β on the next day β to a whopping 44 cents per coin, up from half a cent at the start of the year.
This development revitalized the hype around Dogecoin, with users on Twitter, Reddit, TikTok and seemingly everywhere else posting about the surge that took even some of the staunchest Dogecoin believers by surprise.
#DogeCoin is now worth more than a dime in the United States pic.twitter.com/APfxXcCYmG
β Crypto Newsπ (@CryptoCuIture) April 14, 2021
I love it here #dogecoin pic.twitter.com/cZ3cyYhMzv
β Chantel Jeffries (@ChantelJeffries) April 14, 2021
Im not jealous about dogecoin I am not jealous about dogecoin I am not jealous about dogecoin I am not jealous about dogecoin #doge
β Dave Portnoy (@stoolpresidente) April 16, 2021
At the time of the writing, Dogecoin was trading at about 36 cents, with users who were hyping Dogecoin to 25 cents just a few days ago already setting new 50 cent and even full dollar goals for their favorite altcoin.
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Crispy Cream
I invested $1000 in Dogecoin in advance. I was confident this would eventually happen; this is as difficult as predicting if people like memes and populism. I pulled my money before this surge not because I didn't believe, but because I needed a computer that bad. I honestly could not wait the couple months this would have required me to wait.
To those that did pull, you were not unwise to as this currency's value is solely tied to its marketability. Dogecoin is so marketable because it is a populist humorous coin -one controlled by the people, built on a value of being something fun and positive rather than having the fanciest coding ever. The cultists on r/dogecoin surely should have been a red flag for any decent investor as such hivemind think tends to come before the fall.
Glad it went up in value. I expect Dogecoin will eventually surpass $10 due to sheer long-term organic marketability -a power you have to feel out rather than measure. Just remember: when people stop liking Doge as an idea, this coin will easily plummet more than 50% in value. Not to mention, it can do that anyway since people's entertainment and interest in a meme like Doge will come and go like waves.
Crispy Cream
Word of advice: don't invest more than you can afford and treat this exclusively as gambling. This currency's value is 100% gambling on how marketable you think this meme is politically, socially and economically with nearly 0 technical or sophisticated reasons outside of marketing it like propaganda. Anyone who is anyone who has been investing in crypto would have told you and will still tell you Dogecoin is not a stable asset and should not be invested in except if you want to do a hardcore gamble and can afford to lose it all.