Dogecoin is Trading 78,000% Above its All-Time Lows Amidst the Crypto Bloodbath

Dogecoin is one of the major cryptocurrencies that seems robust on its recovery path

For the past several weeks, Dogecoin has been on the watch. Analysts recorded in April that within a period of three weeks the meme coin has risen by almost 40%. Dogecoin resurfaced from its all-time lows after Elon Musk re-assured that he would continue to support the crypto. Even though there are several crypto experts who believe that being a meme coin, the DOGE token will plummet intensely in the coming months, there are also several professional investors who have analyzed and decoded that Dogecoin will likely experience positive momentum and gains, both on a technical and fundamental basis. Currently, based on the reports generated by key indicators, Dogecoin has grown much higher than its historic all-time lows and is trading around 78,000% above its lowest resistance. But following this price surge, DOGE also fell drastically which pushed the price down by almost 75%.

Dogecoin is also experiencing a sharp rise and a renewed interest in whale activities is also massively aiding its price. Crypto has slowly emerged as one of the standout performers in the cryptocurrency market in 2021. After the market meltdown in late 2021, DOGE fell along with several other cryptocurrencies. However, there are still several reasons why DOGE fanatics, including Elon Musk, have always been optimistic about Dogecoin's prospects, with the developers quite eager to implement additional use-cases to boost the coin's value proposition. Dogecoin has had a volatile past, with dramatic highs followed by dramatic lows. But ultimately, the developers did not ever expect the coin to generate the mass appeal that it already has, nevertheless, Dogecoin's future prospects are encouraging more investors to join the market.

How does DOGE benefit all investors?

In 2022, Dogecoin has not yet experienced major rallies due to the bearish market conditions. But Dogecoin experienced a brief 15% increase in January after electric-car leader Tesla announced that it had started accepting the cryptocurrency as payment for merchandise. In May 2021, it recorded its all-time high of US$0.74. This was the time when Tesla owner Elon Musk was sharing his support for Dogecoin on Twitter. The recent rise in the Dogecoin price was massively triggered by this.

There are a lot of benefits that Dogecoin brings to the market. Investors can use this coin just like Bitcoin to quickly and securely send value to anyone on a global basis. Over the past few years, Dogecoin's popularity has increased and now more businesses are accepting this token than ever before! DOGE also shares various technical characteristics with Bitcoin. The network is secure and provides real-time consensus. Like Bitcoin, hackers need to control almost 51% of the network's hashing power to alter the state of the blockchain.

Is Dogecoin a good investment option right now?

Dogecoin is a cryptocurrency that began as a joke about price speculations in the crypto market. Since the launch of the cryptocurrency, there has been no shortage of people willing to invest in DOGE. It became the world's biggest meme coin during the first half of 2021 as its price rose by more than 15,000%. To some investors, DOGE may seem like a volatile investment asset. But it has certainly created a frenzy in the crypto market. Its intrinsic value largely determines its worth, which can produce short-term gains but is not a viable strategy for the long-term investment process. Nevertheless, Elon's support towards Dogecoin proves to be quite valuable to the crypto's growth.