DOGE Community Rejoyce as Elon Musk Tweets in Support

Zain  |  Mar 4, 2020

Elon Musk, one of the most renowned crypto supporters, has once again come out in support of Dogecoin, by tweeting a meme. Elon Musk has been a great fan of this coin, this is the second open endorsement, as last summer he tweeted how this is his favourite coin, and looks like it still is.

 

 

DOGE barely chases rapid appreciation and its pinnacle price is anything above one penny. Right now, DOGE is trading at $0.002 and currently is ranked 33 when it comes to market capitalization. The transactions per day are over 30,000, and the number of DOGE in circulation exceeds presently 123 billion.

DOGE has been a constant in the crypto world, but it did have its fair share of trouble. After the arrival of stablecoin, DOGE got dislodged as a base pair coin. It is also not very frequently traded between exchanges.

DOGE community was euphoric after Tusk’s tweet and expected an upward surge, but for now, there’s no guarantee that it would follow the same path as Tesla (TSLA) stock.

Is a DOGE Bull Possible?

It's possible that it could be heading for a super run if the almost record-breaking trading activity is to be taken into account. Although the greener days of 2017 are still away, its trading has constantly moved in the right direction, currently with over $150 million in volume every day. The coin is definitely putting a fight by going vertical against Bitcoin (BTC). 

Its trading is rather concentrated on the BKEX exchange, and it been a long time that DOGE experienced a pump. Earlier, DOGE/BTC was the common pairing, but by virtue of the 48% share of Tether (USDT) trading, that has changed.

DOGE doesn’t deal with the issues of scarcity, as it’s minted all the time. However, the coin shows a disparity in distribution as its largely concentrated in the top wallets.

 

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