Bitcoin is also pulling back, but Bitcoin Cash and Vechain continue to rise sharply.
After an impressive seven-day rally in which the Dogecoin price rose by 362%, the coin began to retreat today.
Doge has a reputation for being the most volatile cryptocurrency. Tesla CEO Elon Musk's tweets increased the price of DOGE by 40% within an hour earlier this year. Some analysts have described this as the "Elon Musk Effect."
Dogecoin's latest bull run started on April 9, when the price was around $ 0.06. Over the next eight days, DOGE increased more than six-fold. However, as of today, the upward rally has ended and DOGE fell to $ 0.27.
DOGE was Made for Joke
In 2013, software programmers Jackson Palmer and Billy Markus got involved in the altcoin printing craze and produced Dogecoin. However, back then, DOGE entered the cryptocurrency market as a comic product.
Dogecoin has increased its price significantly in recent months, along with statements from celebrities such as rapper Snoop Dogg, rocker Gene Simmons, and multi-billionaire Elon Musk, making it the fifth largest cryptocurrency.
This rally was great for Dogecoin. The market value of DOGE, whose market value was 17 billion dollars in February, reached 50 billion dollars. The total value of the crypto money market is around $ 2 trillion.
What Is The Situation In The Crypto Market?
The rest of the crypto market appears to be in a healthy position. Bitcoin reached its all-time high of $ 64,863 on Wednesday, April 14. The leading coin has since declined to $ 53.329.
Among the top 20 cryptocurrencies by market cap, Bitcoin Cash and Vechain grew significantly last night. Bitcoin Cash, a fork of BTC, rose 25% overnight to a high of $ 1,111.
Vechain experienced similar growth. Currently traded at a price of $ 0.24, the token has risen 33% since last night and 69% since last weekend.
What awaits the crypto money market later in the weekend, we will wait and see together.
