Concern! So scare! After an impressive seven day rally that blew the price of Dogecoin up by 362%, today marks the beginning of its pullback, and it’s a quick one.
Doge has a reputation for being the most volatile cryptocurrency—Tweets from Tesla CEO Elon Musk pumped the price of DOGE by 40% in the course of an hour earlier this year—a phenomenon which some analysts call the ‘Elon Musk Effect.
Dogecoin’s most recent bull run started on April 9 when its price was worth six cents. Over the next eight days it blew up more than sixfold, to the point where at 12:04 AM UTC today the coin was worth 39 cents, though its price has since dropped 12 cents to $0.27, which means it’s very likely that it’s starting to decline. Fast.
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