Dogecoin Price (DOGE) tumbled to a weekly low on Monday morning despite weeks of bullish trading and endorsement from celebrities like Elon Musk and Snoop Dog.
Track the latest Dogecoin price movements in real time here.
Dogecoin Price hit an all-time high this year as meme cryptocurrency surged more than 1,000 percent. After being conceived as a meme-centered joke with a smiling Shiba Inu dog, cryptocurrency is practically flat. But that all changed on January 28 when a Reddit-fueled frenzy pumped ridiculous amounts of money into the cryptocurrency token.
Interest in Dogecoin was further fueled by SpaceX and Tesla CEO Elon Musk, who endorsed the token in a series of tweets.
The crypto was even backed by rapper Snoop Dogg and Kiss bassist Gene Simmons. DOGE for his 9 month old son, X Æ A-12, so he could be a “little boy” too.
The term “hodl” is popularly used in cryptocurrency circles to describe someone who has an asset rather than selling it.
However, Mr Musk appears to have changed his tune, tweeting on February 14th, the token has been disrupted due to lack of circulation. He wrote on Twitter: “If the major Dogecoin holders sell most of their coins, you will get my full support.” Overconcentration is the only real problem with the imo.
In a follow-up tweet, he said, “I will literally pay in actual dollars if they cancel their accounts.” Analysis revealed Digital wallets recently had about 25 percent of the total Dogecoin Price 19 wallets only and more than 36 billion of the 113 billion long-mined tokens held by one person.
Courtesy of Nomics.Nomics, a US-based cryptoasset company that tracks a wide variety of tokens, from Bitcoin (BTC) and Ethereum (ETH) to Sushi (SUSHI) and Filecoin (SUSHI (FIL).
Starting at 3:37 p.m. GMT on February 15th, DOGE will trade for £ 0.046 ($ 0.063538) on the latest Nomics data.
The token is in the green, trading 12.5 percent in the past 24 hours, however, the morning saw some of the lowest prices for the token in weeks, with DOGE falling to just £ 0.036.
