The rapid rise in the value of Dogecoin (DOGE) cryptocurrency has strengthened the position of optimists.
This year, the coin has skyrocketed in value more than 60 times. The market capitalization of the altcoin exceeded $ 40 billion. The DOGE price reached $ 0.43 on April 19, and many supporters of the "dog coin" announced its spurt to $ 1.
However, the potential for maintaining the upward movement dynamics was exhausted already on April 20. Altcoin began to lose ground, the negative trend dominates on Wednesday, April 21.
At the time of publication of this review, the Dogecoin rate fell to $ 0.31. Thus, the coin surrendered all the positions it had won over the past two days. DOGE's capitalization fell by about 21% to $ 41.9 billion.
Trending: Finder: Bitcoin could hit $80,000 by 2025
OANDA Analyst Edward Moya stressed: "Many traders were hoping that this day (Apr 20) would become Dog Day and Dogecoin would travel to the moon. Some looked at the $ 0.5 level as a profit-taking area. At the same level, there should have been hopes for early achievement of $1."
Dogecoin network activity is now at its highest level since winter 2014. According to BitinfoCharts, on average, users make 136,300 transactions per day.
Bloomberg strategist Mike McGlone believes DOGE will continue to rise in value. However, in his opinion, investing in this altcoin is like gambling. In this regard, bitcoin is a more promising tool.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
McGlone is known for predicting BTC to surpass $ 20,000 by the end of December last summer.