Over the past two days, we have been reporting the incredibly massive surge by one altcoin named Dogecoin (DOGE) – which managed to rise up to 60% in only a couple of days and then to later correct with a growth of 40% overall.
The main reason for the bullish sentiment of this altcoin was its announced partnership with Ethereum – dubbed Dogethereum – and the integration into the Ethereum network. These speculations drove the price up, but it seems like the upside momentum is not sticking.
As a result of this, Dogecoin (DOGE) dropped and did not maintain its bullish sentiment. Despite the massive gains, the price action looks pretty similar to IOTA’s situation – which led the altcoin jump 40% following its integration into Fujitsu which was erased after the sentiment dried off.
Dogecoin is now trading at $0.004852 which is still a positive increase from the price of the cryptocurrency a week ago – but also a falling trend given its performance over the past couple of days.
Currently, traders should keep a close eye on Bitcoin and its performance. Today, Bitcoin has surged and recorded impressive gains in what seemed like an unannounced buying influx. Any correction in the value of Bitcoin, however, could also allow Dogecoin to reverse its momentum and rise again.
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