Dogecoin Surges 97% in a Week Amid Musk-Trump Hype
- Dogecoin price jumps 97% in a week, ranking sixth by market value.
- DOGEs trading volume rose by 215%, reaching $21.5 billion in 24 hours.
- Experienced DOGE investor advises newcomers against risky trading strategies.
Dogecoin (DOGE) led the altcoin tally to post an impressive surge of 33% in the last 24 hours and an astonishing 97% over the past week, securing its position as the sixth-largest cryptocurrency by market value. The recent rally catapulted DOGEs market capitalization to outstrip that of stablecoin major USDC, generating buzz among crypto enthusiasts and traders alike.
In terms of daily trading volume, DOGE hit a whopping $21.5 billiona 215% increase from the previous daysignaling a dramatic spike in market activity. Notably, Dogecoin reached an all-time high at $0.7316, which was recorded on May 08, 2021 (over 3 years). Although the current price is nearly 61% lower than the all-time high price, the tokens performance is among the best in the lot given the current volatile market.
Analysts link the surge to Elon Musks and Donald Trumps recent endorsements. Musk, a vocal Dogecoin supporter, hogged the limelight through various social media mentions and business integrations, including allowing Tesla merchandise to be bought with DOGE.
Additionally, Musks playful support is reinforced by Trumps recent rally remarks where he humorously suggested Musk could lead a Department of Governmental Efficiency, abbreviated as DOGE. However, amid the excitement, experienced Dogecoin investor and advocate Mishaboar has issued a word of caution to new investors.
Dogecoin Developer Cautions
Mishaboar advises that newcomers should only invest what they can afford to lose, given the volatility of Dogecoin and the cryptocurrency market as a whole. He warns against the use of complex financial tools like leverage and derivatives, which can amplify both potential gains and losses, and can be detrimental to less experienced traders.
Overall, the recent events have attracted a wave of novice investors eager to capitalize on the rising price. Musks backing and Trumps mention of Dogecoin have created a fresh buzz around DOGE, making it one of the most closely watched tokens in the crypto market. As prices continue to fluctuate, Mishaboar urges new investors to approach DOGE with caution, sticking to fundamental investment principles.
Read more: https://www.tronweekly.com/dogecoin-surges-musk-trump-hype/
Text source: TronWeekly
