Dogecoin Rally Again

[amberrrr789]

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Dogecoin's price increased by 25.82% the week of November 21 as a result of ongoing rumors about Twitter inclusion. Fans of DOGE continue to hold out hope that it will participate in Elon Musk's ambitions for Twitter. The DOGE price has increased by 28.98% since its two-week low of $0.079; it is currently trading at $0.1019 on MEXC Global at the time of writing. Let me now describe what occurred in more detail.

Dogecoin (Source: meme-arsenal) ​

By market value, DOGE is the eighth-largest cryptocurrency. On Tuesday night, it rocketed beyond the $0.1 level and has remained there ever since. Additionally, there are claims that Elon Musk may use Dogecoin in his plans for Twitter 2.0. Elon Musk's presentation of his ambitions for Twitter as a slide deck sparked a price increase. The payment part is on one of the slides.

However, neither Musk's expectations for Dogecoin nor any detailed information about them were provided on the PowerPoint. Along with Dogecoin, HT, the token of the Huobi exchange, also experienced a rise. Next the announcement of a strategic cooperation with Poloniex, the price of HT token increased by 53.04% the following week.

Since the beginning of the Twitter deal, there have been rumors that Twitter would accept DOGE as payment. The potential use of Dogecoin in Twitter's payment mechanism was mentioned by Elon Musk. Not to mention that he frequently has irrational thoughts. Every time Musk shares his thoughts with the public, the market appears to respond, and prices change. We are not yet certain if he was being serious. Remember to trade responsibly and conduct independent research.

Final Thoughts
Memecoins like Dogecoin, in my opinion, are dangerous to trade. Not simply because it lacks many real-world applications, but also because it may be affected by a single tweet.

 

[Suba]

One of Doge's strengths is low transaction costs, but if we make it an investment instrument it will become speculation because Doge has been pumped up so it invites a lot of risks. And now I have Doge even though it's a small amount.

 

[Mika]

During the crypto bull market, Dogecoin was 68 cents. I never believed in dogecoin, however, when dogecoin because 1 cent at the beginning of January 2021, I decided to try my hands. However, I could not invest immediately because Coinbase was not supporting Dogecoin and I was only using Coinbase. When I started using faucet pay, there was an exchange option and I started exchanging my other coins for dogecoin. I started with 17 cents and invested until the price was 34 cents. I should have sold it when the price because 68 cents but just like other people I believed it would become 1 dollar. When the price began dropping, I immediately sold. Thankfully, I did not make any losses. In my opinion, the doge will never go too big. How can a coin that has unlimited supply and is being released by 10k every minute ever go big? When ever you see the price going up, that is due to manipulation.

 

[Sotherefore]

Well I have not been following up the cryptocurrency for sometimes now because I'm just sceptical and I don't want to invest in cryptocurrency presently until I am capable of raising the needed money to invest profitably in the type of cryptocurrency I am interested.

I'm somehow sceptical of the doge coin , the reason is because it is being controlled by Elon musk and as long as he's the one in control and is ready to hype the coin then we should be seeing a constant increase in the price but as long as he has dropped and abandon the project we will have a drastic depreciation.

Based on the rally , I am expecting to see a bullish movement anytime soon in the price of doge coin but that's not withstanding I'll have to research about it to really understand if this is really the right time for us to invest for some quick profit.