Doge became popular over the years because of its status as a meme, and it had the popular 'Shiba' doge as the face of currency. Dogecoin has the image of a Shiba Inu dog as its logo. However, the price of Doge dropped significantly yesterday after reaching the peak price. The cryptocurrency started Saturday trading at around 70 cents and was selling for … Buying cryptocurrencies, like any investment, is a very risky business and making money is never guaranteed. Entrepreneur and Tesla chief executive Elon Musk has often tweeted about the cryptocurrency which has stoked interest and sent the price up. Here's all you need to know about buying the popular cryptocurrency. Once the coin reaches high prices, many people sell the coin taking enormous profits. Dogecoin also received a boost after it was tweeted by an account called wsb chairman, which insists it isn't associated with the reddit group. Dogecoin has experienced a surge in trading this year that has seen its value soar, according to crypto data firm CoinMarketCap. DOGECOIN recently hit its all-time high prince as interest in the "joke" cryptocurrency grew. The market has gone full bear, it will take a few months for crypto to fully recover (maybe weeks, no idea), all because of Elons remarks on BTC, no idea on why Ethereum is going down. Among the risks identified are: Dogecoin’s unlimited supply, high Dogecoin mining levels and a lack of technical development for this cryptocurrency. One Dogecoin (DOGE) is currently worth $0.43 on major cryptocurrency exchanges. Dogecoin going down is a concern for many of its investors and if you are one of them I’m sure you want to know about its possible future. Tuesday’s effort failed. Better buy ADA or something else if so. You should make sure you know the risks of investing in cryptocurrencies and that you can afford to lose any money you put in. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. Hello there, welcome back to a new video! People interested in investing in cryptocurrencies in India can buy Dogecoin and other cryptos on exchange platforms such as WazirX, Zebpay etc. Celebrities like Jordan Belford and Elon Musk often promoted the coin and brands such as Slim Jim also made it a part of their marketing campaign. One of Mr Musk's claims was that he will put a … “Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday … Find the latest Dogecoin USD (DOGE-USD) price quote, history, news and other vital information to help you with your cryptocurrency trading and investing. There’s no ability to run DApps on Dogecoin. Will the Dogecoin price drop? Many ‘retail gamblers are going to lose money’, says crypto expert. The creators of Dogecoin build Doge to be a friendly introduction for the general public to the world of cryptocurrencies. The most logical one is that more and more investors are selling out their tokens due to yesterday’s record-breaking hike in the prices. The price of Dogecoin has surged again in April but is volatile and fell back from its previous record highs. The reason for all the selling that took place shortly after Musk’s SNL appearance was that the Dogecoin community expected something a lot better than hearing Musk say that Dogecoin is a hustle. This creates a chain reaction of sellers, which brings down the … According to basic economics, due to excess selling supply increased, hence … But for the amateur traders, the surge saw them make some serious cash. It might compete with other peer cryptocurrencies by 2021 and might even go up in the ranking. here are the different cryptocurrencies explained, Independent Press Standards Organisation (IPSO). The online trading platform left users users locked out of their accounts earlier this year after crypto markets crashed. Mark Cuban says Dogecoin going to $1.00 However, Shark Tank investor Mark Cuban has remained bullish on Dogecoin, noting recently in a guest appearance on … Is DOGE a worthwhile investment? Other factors involved could be large amounts of doge being sold off by institutional investors and whales. Dogecoin's price was over $0.70 on Saturday, but shortly after Musk's mention, the price fell, hitting $0.47 as of 1pm on May 9. Will the Dogecoin price drop? Dogecoin hit a new peak last week before dipping down over the weekend, so questions remain about whether it’s still a worthy investment.. What happened to Dogecoin? Today, it has hit $0.65, according to Coindesk. Republic in China's Wuhan: As call for COVID-19 probe grows, Watch Republic at ground zero, Centre releases guidelines for vaccinating COVID-recovered patients and lactating women, Calcutta HC sees marathon Narada hearing on TMC netas' arrest; adjourns till Thursday, We reserve right to invoke provisions of law on misinformation on some comments made by Delhi CM: Singapore envoy, Why is Dogecoin going down? Some say that Vitalik Buterin, Ethereum's founder and … At its height, Dogecoin was trading for $0.018 per coin, according to crypto data firm CoinMarketCap. But recently it is going through turmoil as … The majority of this, however, is due to the short-lived TikTok trend where users were attempting to pump and dump the cryptocurrency, but all it did was limit Dogecoin potential by causing a sizable crash. One thread, titled “Dogecoin is the next GME/Bitcoin” (GME is GameStop), said getting Dogecoin to $1 a coin would be "an incredible achievement". At its height around 4am on Friday (January 29), Dogecoin was trading for $0.075 (5.5p) per coin, according to crypto data firm CoinMarketCap. One of the reasons why dogecoin is going down because of the pullback. One Dogecoin (DOGE) is currently worth $0.43 on major cryptocurrency exchanges. One of the reasons Dogecoin has shot up in recent weeks has been due to SpaceX chief Elon Musk who has tweeted about it several times. Today, it has hit $0.65, according to Coindesk. The amount of it increases over time so it will by automatic go down by the time. View our online Press Pack. Even amid the record rally, experts caution investors from jumping into dogecoin just to make money. This might increase the user adoption rate. Is DOGE a worthwhile investment? ban on some crypto-related investment products. Brits are being warned they risk losing all of their money if they invest in bitcoin and other cryptocurrencies. What is Dogecoin? It has been marketed as the "fun" version of bitcoin but has gained in value and attracted more serious interest since then. Over the past year or so, the coin became more popular all over the world. The fact is - no one can accurately predict future of Dogecoin (DOGE). I just hope that it's not Dogecoin.". There can be a number of reasons behind the contraction in prices. Dogecoin initially surged in January, jumping by a staggering 972% from $0.007 (less than 1p) the day before. Read our cryptocurrency live blog for the latest Bitcoin updates. Cryptocurrency is promising, but please invest with caution! … Meek Mill invests in Dogecoin after announcing it on Twitter; How much did he invest. Users incorrectly called it a stock, but nonetheless, it had users asking, “why is Dogecoin going up” instead of “why is Dogecoin dropping and going down” for a change. On May 4 this year, Dogecoin reached its highest value yet of $0.4854, according to crypto data firm CoinMarketCap. Other famous people including Snoop Dogg and investor Mark Cuban have also tweeted their support of Dogecoin. Dogecoin enjoyed a surge recently after it was announced that a well-known cryptocurrency platform would accept the coin. People that sell now are the ones that are going to be the most. The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like "much wow". It might even go up the ranking ladder and go ahead with major integrations and partnerships. One of the reasons why dogecoin is going down because of the pullback. It comes after a ban on some crypto-related investment products. Network updates have been few, leaving potential security risks. At one point last week, Dogecoin tokens were going for north of $0.43. Dogecoin price reaches all-time high: Is Dogecoin going to hit $1 soon? When will DOGE price drop? You can also exchange one Dogecoin for 0.00000851 bitcoin(s) on major exchanges. DOGE price might hit the highest level at $1 by the end of 2021. Dogecoin had a rise in popularity over the last week as investors waited to see Tesla CEO Elon Musk’s appearance on “Saturday Night Live.” Musk hinted several times he might make a joke about Dogecoin… Over 200,000 missing out on £1,000s a year in benefits - how to claim, A million Brits could have benefit payments stopped unless they act now, Tesco to axe Metro store format in big supermarket shake-up affecting 127 shops, Aldi is selling a hanging egg chair for CATS as part of its new pet range, ©News Group Newspapers Limited in England No. Before understanding why the Dogecoin price fluctuates so much, readers need to understand the fundamentals of this crypto coin. The price of this meme stock rose up 20 percent in just 24 hours, How to buy Dogecoin? But it was Musk's appearance on Saturday Night Live in the US that saw the the price of Dogecoin plummet. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. A lot of ‘retail punters are going to lose money,’ says crypto expert. After a short back-and-forth with co-hosts Michael Che and Colin Jost, Musk at one point conceded that dogecoin was a “hustle.” As investors engaged in a frenzied sell-off of the … This has partly been due to the fact that cryptocurrencies are slowly being accepted all around the world and even major corporations and bands have started accepting crypto payments. At its height on February 7, Dogecoin was trading for $0.085 6.1p) per coin, according to crypto data firm CoinMarketCap. As the price falls, people start selling out of fear, as they don't want to lose money on their investments. Dogecoin has received backing from celebrities including Elon Musk and Snoop Dog, pushing up the price. The price of dogecoin has bounced between $0.73 and $0.42 over the last two days, and it all appears to be the result of a single person and the market sentiment they can conjure. Dogecoin simply lacks most of the features that make cryptocurrencies and … Is the Dogecoin price going to drop? The Tesla CEO welcomed his mother, Maye, onto the show to wish her a Happy Mother's Day - which is celebrated on May 9 in USA. Dogecoin then skyrocketed alongside other cryptos during the bubble that peaked in 2017, and it fell with the rest of them over 2018. The target was an attempt to mirror a share surge in heavily shorted companies like GameStop. As interest in Dogecoin exploded over the past couple days, it caused issues for users trying to trade for the cryptocurrency on the online trading platform Robinhood. Why would exchanges sell longs information if they themselves have the liquidity to do it, I have been saying it for a long time. One of the reasons why dogecoin is going down because of the pullback. Currently (as of 05:07 UTC on May 9, Dogecoin is trading around $0.5293, down 26.31%. About 100 Wallets control 90% of the DOGE supply. This is what makes Dogecoin a difficult investment. From Dogecoin and Litecoin to Bitcoin – here are the different cryptocurrencies explained. Many popular cryptocurrencies such as Ethereum, Ethereum Classic and Dogecoin reached their all-time high prices. The past week has been a big week for the cryptocurrency market. , starting Friday afternoon. Dogecoin vs Bitcoin: How many Bitcoin & Dogecoin are there in the world? To see all content on The Sun, please use the Site Map. The price of dogecoin has bounced between $0.73 and $0.42 over the last two days, and it all appears to be the result of a single person and the market sentiment they can conjure. Cryptocurrencies are highly volatile, meaning that the current streak could reverse at any point. When will DOGE price drop? People that sell now are the ones that are going to be the most. However, crypto markets are fairly complicated and this may not be the only reason behind Dogecoin falling. On May 4 this year, Dogecoin reached its highest value yet of $0.4854, according to crypto data firm CoinMarketCap. These are some of the most common queries that impatient or amateur investors have. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, We explain what you need to know about Dogecoin and its recent surge in value, How the Dogecoin price has changed over 24 hours from May 8, YouTuber The Plain bagel explains how amateur traders make MILLIONS from GameStop as hedge funds lost money shorting stock, Entrepreneur and Tesla chief executive Elon Musk has often tweeted about the cryptocurrency, risk losing all of their money if they invest in bitcoin. Why is the Dogecoin price going down? Two weeks after it first launched, the value of it jumped 300% after China banned banks from investing in cryptocurrencies, according to Investopedia. Dogecoin was down 40%, trading as low as 44 cents early Sunday. A look at … Dogecoin is just a memecoin thats fun to pump and dump. THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies. Dont expect it to reach crazy highs and you will become rich. You don’t know how quickly the value is going to change because much of the success is based around social media hype, according to Adam Zadikoff, COO of BRD, a popular cryptocurrency wallet platform. When will Dogecoin price go down? Dogecoin also received a boost after it was tweeted by an account called wsb chairman, which insists it isn't associated with the reddit group. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. Bear and Bull run are part of the market. ... No, GameStop at $325 did not make much fundamental sense either, so it went back down. Dogecoin dips in price after reaching an all-time high, Dogecoin founder sold everything in 2015 to buy ‘used Honda Civic’; reacts on '$1' figure, Will Dogecoin Crash in 2021? Every time a coin a new peak price, it is followed by a fall in price. Customers who use eToro - and there are around 20 million of them globally - will now be able to buy and sell Dogecoin. https://t.co/A4kplcP8Vq. This creates a chain reaction of sellers, which brings down the price of the Doge significantly in a short amount of time. In this article, we will take a look at why is Dogecoin going down. Shares in GameStop soared by a staggering 700% earlier in January after an army of amateur traders targeted the games retailer, causing professional hedge funds who'd shorted it to lose billions. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. The market has gone full bear, it will take a few months for crypto to fully recover (maybe weeks, no idea), all because of Elons remarks on BTC, no idea on why Ethereum is going down. Stay tuned for more updates on Dogecoin and cryptocurrencies. Read: Dogecoin? Cryptocurrencies are highly volatile, so the value of your investments can go down as well as up in the blink of an eye. People that sell now are the ones that are going to be the most. There is no way of knowing why Dogecoin has slumped after what was meant to be a day of fervent buying and trading. “DOGE investors on the forum are buying into the idea that one large whale is responsible for the price suppression theory,” according to InvestorPlace. But first, a word of warning: you can lose all the money you put in to Dogecoin and other cryptocurrencies, as well as investments related to them. That was off the back of a bunch of Reddit threads calling for it to hit a value of $1 per coin. Why Dogecoin is a risky investment. But the crypto coin took a significant drop on May 9, hitting just $0.43, but what is Dogecoin and why is the cryptocurrency going up? The value (or market capitalization) of all available Dogecoin in U.S. dollars is $55.85 billion. Why is the value of it going down now? Read: Dogecoin? Is the Dogecoin price going to drop? Bitcoin’s fall comes during the same week that investors tried to drive up the price of dogecoin, declaring April 20 (also known as Weed Day) DogeDay. That may not sound like a lot, but it gave the digital currency a market cap of more than $55 billion. Dogecoin is a cryptocurrency and was first launched back in 2013. Dogecoin is to be listed on Coinbase in a few weeks from now so expect a pump in the coming weeks, sell if posible when it reaches … "Why is Shiba going down?" In simple terms, "short selling" is when professional investors borrow shares of stock to sell, and then buy them back at a lower price.