Last Updated on April 24, 2023 by Bitfinsider
As of April 2023, Dogecoin remains one of the most popular cryptocurrencies in the market, although it has experienced significant fluctuations in its value since its inception in 2013. In recent months, Dogecoin’s price has risen significantly, reaching an all-time high of over $1.00 USD in early February 2023.
One of the factors contributing to Dogecoin’s popularity is its strong community of supporters, who often use social media to promote the cryptocurrency and encourage others to invest in it. In addition, Dogecoin has received endorsement from several high-profile celebrities and entrepreneurs, including Elon Musk and Mark Cuban.
Dogecoin’s biggest supporter, Elon Musk
Of particular interest, Elon Musk has been one of the most vocal supporters of Dogecoin, which has contributed to the cryptocurrency’s popularity and increased its value. Musk’s tweets about Dogecoin often result in significant price movements, as many of his followers and investors look to him for guidance on which cryptocurrencies to invest in.
In early 2021, Musk began tweeting about Dogecoin, often making jokes and memes about the cryptocurrency on his Twitter account. In May 2021, he even appeared on the popular sketch comedy show, Saturday Night Live, and referenced Dogecoin in his opening monologue, causing the cryptocurrency’s value to plummet initially but recover later.
Despite the criticism he has received from some financial experts for his comments on Dogecoin, Musk remains a vocal supporter of the cryptocurrency. In a July 2022 tweet, he even suggested that he might take Dogecoin as payment for his company SpaceX’s first mission to Mars.
In case you missed it recently, the decision by Elon Musk to replace the Twitter logo with the Dogecoin insignia has caused the dogecoin to rise sharply. Furthermore, the 4/20, or “Doge Day,” occasion on April 20 has left many dogecoin enthusiasts optimistic about the memecoin’s future due to a surge in buyer momentum for DOGE. On that significant day, Musk’s SpaceX launched Starship, the first and most potent space rocket ever built, to Mars or the moon. It is a hopeful starship with the eventual objective of transporting both passengers and goods someday.
However, Dogecoin suffered a setback thanks to SpaceX’s Starship rocket’s unsuccessful test launch, which also caused the price to plummet by over 10% immediately following the explosion. Despite the misfortunate, SpaceX considers this to be an overall successful test flight for its mission to return humans to the Moon and then Mars. Elon Musk and several other firm employees applauded the test’s failure and voiced hope for a follow-up attempt in the months to come.
On that day, the DOGE/USD pair lost 11.88% of the day’s high of $0.093 to fall to $0.083, suggesting that Dogeday was a sell-the-news event. The DOGE price was negatively impacted by the unsuccessful launch of SpaceX’s Starship rocket on Dogeday and the decline in the price of Bitcoin.
Despite this setback, Dogecoin futures contracts’ open interest volume is still high, signaling healthy capital inflows. That said, the DOGE/USD pair has broken below its bullish support, and the recent price decline and increased selling by DOGE whales point to significant downside risks. But who knows what will happen next when SpaceX’s next Starship makes a comeback for a second launch in the future?
How to Buy or Trade DOGE on Scallop Exchange
You can buy or trade DOGE on Scallop. As Scallop frequently holds campaigns and events, you should check out its official Telegram group here to see if you can participate and win rewards as you trade.
On Scallop, you can trade DOGE as a spot pair (DOGE/USDT) in 3 simple steps:
- Sign up and register an account on Scallop
- Buy USDT via Scallop One-click Buy (Follow the step-by-step guide from step 1 to 6)
- Trade DOGE/USDT at Scallop Spot
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.