Bitcoin (BTC) could also be flagging, however one cryptocurrency couldn’t be much less fazed by the market downturn, hitting new all-time highs.
Dogecoin (DOGE), the altcoin primarily based on a Shiba Inu meme, handed $0.40 for the primary time on April 19, capping weekly features of 400%.
New all-time highs hold coming for DOGE
The rags-to-riches strikes by DOGE all through 2021 have wowed pundits and left former bagholders weeping. Now, it seems that even a flash bear market can’t cease its moonshot.
Simply seven days in the past, DOGE/USD traded at $0.07. As Cointelegraph reported, year-to-date features at the moment are in extra of 7,500%, whereas the pair is up virtually 18,000% versus the identical date in 2020.
Whereas this naturally beats the rises in Bitcoin, Ether (ETH) and others, the query now could be what is going to occur subsequent and whether or not an equally spectacular reversal is on the playing cards.
On the time of writing, DOGE/USD, in the meantime, traded at $0.36, already a substantial approach beneath its all-time excessive of $0.445.
DOGE/USD 1-hour candle chart (Bittrex). Supply: TradingView
All eyes on “Dogecoin Day”
SpaceX and its “technoking” Elon Musk might have the reply. On April 22, a flight is because of launch that Musk beforehand hinted would “put a literal Dogecoin on the literal moon.”
— Elon Musk (@elonmusk) April 16, 2021
Since his April Idiot’s Day tweet, Dogecoin has seen engagement like by no means earlier than, dwarfing even that which accompanied Musk’s earlier endorsements. In addition to the hashtag “#DogeDay” trending in the US on Twitter, knowledge from Google Tendencies reveals that “Doge” is within the course of of being Googled greater than ever. Nonetheless, different social media metrics are suggesting that the craze might already fading on social media.
Google search curiosity for “Doge.” Supply: Google Tendencies
One other improvised red-letter day is April 20, or “Dogecoin Day 4/20,” which in response to social media is allegedly when DOGE/USD will hit $4.20 per coin.
Amid the fervor, nevertheless, stood some voices of motive. Amongst them was dealer Scott Melker, who advised U.S. merchants seeking to e book income to be conscious of authorized implications.
“If you believe that $DOGE (or another coin) is the future of money, please remember that the government views it as property and every single time you spend it it’s a taxable sale of the coin,” he warned.
“This is important. Buy something with crypto in the US = selling crypto.”
Bitcoin, in the meantime, might solely yap at Dogecoin’s heels, down 0.7% on the day to remain near $55,000.