DOGE Spikes By 150% Is the Most Overbought Since April 2021
It’s been a wild week for DOGE and crypto investors alike. The “meme coin” has seen its value surge by 150% in the last seven days, reaching heights not seen since April 2021. More info about DOGE, visit the link provided. This spike has come as a surprise to many, given that DOGE hasn’t been in the news much lately. So, what’s driving this sudden price increase? And is it sustainable? In this blog post, we’ll take a look at what’s behind DOGE’s recent price surge and what the future may hold for the coin.
What is Doge?
Dogecoin, a cryptocurrency has since exploded in popularity, with people using it to tip others online or to send money to friends. Dogecoin has a very active community, and its mascot is a Shiba Inu dog.
Dogecoin is based on the Bitcoin protocol, but it differs from Bitcoin in several ways. First, it has a shorter block time (2.5 minutes), which means that transactions are confirmed faster. Second, it has a larger supply of coins – there will eventually be 100 billion Dogecoins in circulation, compared to 21 million Bitcoins. Finally, Dogecoin uses a different proof-of-work algorithm than Bitcoin, called Scrypt.
While Dogecoin was created as a joke, it has quickly become one of the most popular cryptocurrencies around. If you’re thinking about investing in Dogecoin, make sure you do your research first – like with any investment, there are risks involved. But if you’re looking for a fun and friendly community, Dogecoin might be the right choice for you!
Doge spikes by 150%
Dogecoin, the Shiba Inu-themed cryptocurrency that started as a meme and has been endorsed by Elon Musk, spiked by 150% on Wednesday.
The move comes after a weeks-long rally in the price of dogecoin that has seen it gain more than 1,000%. The cryptocurrency is now up more than 8,000% since the start of the year.
The spike in dogecoin’s price on Wednesday took it to an all-time high of $0.14. At its peak, Dogecoin had a market capitalization of more than $17 billion.
The rally in dogecoin’s price has been driven by a combination of factors, including social media buzz, endorsement from celebrities like Musk, and a general increase in interest in cryptocurrencies.
Dogecoin’s recent price spike has taken it to levels not seen since April 2021. The cryptocurrency is now the most overbought it has been since then, according to data from CoinMarketCap.com.
Why is Doge spiking?
Dogecoin, the digital asset that was once popular for its Shiba Inu meme, has spiked by more than 80% in the past 24 hours.
The dogecoin price had been consolidating below $0.05 for most of April before buyers stepped in and pushed it above $0.08 on Tuesday.
The move higher comes as bitcoin and other cryptocurrencies continue to rally after a months-long lull.
Investors appear to be gaining confidence in cryptocurrencies again after a tough few months for the sector.
Bitcoin, the largest cryptocurrency by market capitalization, is up more than 60% since mid-March while Ethereum, the second-largest, is up nearly 200%.
How to Get Started with Dogecoin?
If you’re new to Dogecoin, you may be wondering how to get started. Here are a few simple steps to get started with this popular cryptocurrency:
- Get a Dogecoin Wallet
The first step is to get a Dogecoin wallet so you can store your coins. There are many different wallets available, but we recommend the official Dogecoin Wallet for desktop and the MyDoge app for mobile.
- Buy Some Dogecoins
Once you have a wallet set up, you’ll need to buy some Dogecoins. You can do this on popular exchanges like Bittrex or Poloniex. Just create an account, deposit some Bitcoin or other currency, and then buy Dogecoins with that currency.
- Use Your Dogecoins!
Now that you have some Dogecoins, it’s time to start using them! You can use them to tip other users on social media platforms like Reddit or Twitter, or even pay for goods and services online. Just look for businesses that accept Dogecoin payments – there are more and more popping up all the time!
Conclusion
Dogecoin has seen a massive surge in price over the past few weeks, and it doesn’t seem to be slowing down. While some investors are cashing out, others are buying in, causing the price to continue to rise. However, this recent spike has caused the RSI (relative strength index) to reach levels not seen since April 2021, which could mean that the price is due for a correction soon. Whether you’re holding onto your Dogecoin or looking to buy more, watch the RSI closely to see if a pullback is on the horizon.
