Dogecoin Faces a Huge Drop. What Will Be Its Future?

3 months ago
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Since last week, Dogecoin has shot up over 400%, raising its market cap to over $50 billion, but this followed a pullback on Tuesday from record-breaking highs. After the slump, its market cap dropped roughly $45 billion, according to coinmarketcap.com. Bitcoin remains to be the most popular cryptocurrency, with a market cap of more than $1 trillion. The rally at first started following a Reddit conversation about considering Dogecoin (DOGE-USD) as the Gamestop (GME) crypto equivalent.

The surge in the handling of web applications like Robinhood likewise filled the online media-driven convention on GameStop stock this year, which pitted retail financial backers against flexible investments.

The digital currency has crashed over the past two days, reducing by more than 30 percent in value. The decline started a day after crypto fans celebrated April 20 as Doge Day, using hashtags on social media platforms to fuel the price of this cryptocurrency.

While a few financial backers and famous people have gotten on board with the trend, including support from the likes of Shark Tank financial backer Mark Cuban, Guy Fiere, the Celebrity Chef, and Elon Musk, others are cautioning investors. Galaxy Digital CEO, Mike Novogratz, revealed on Tuesday that financial backers “must be extremely cautious” with Dogecoin. Novogratz said that it is a retail wonder being encouraged by the way that [Federal Reserve] Chair Jay Powell is offering cash to everyone.

In other news, An anonymous holder of dogecoin made a generous donation to the Halifax Humane Society. The lady gave her benefits acquired by holding the memecoin to a safehouse for dogs in Daytona Beach, Florida. The shelter is administered by the Halifax Humane Society.

Barry Kukes, Outreach director of the Halifax Humane Society, said that the woman arrived at the shelter the previous weekend and paid for all appropriation expenses of the dogs. He explains that in spite of the fact that she gave her dogecoin (DOGE) indirectly, he knew that her donation had something to do with the meme token because the lady left a message which read “dogecoin.”

As of press time, DOGE costs are floating around the $0.2914 level, down – 4.60%, with a market capitalization of $37.68B.