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Doge day euphoria ebbs as Dogecoin rally fades

By Neil Dennis

05:47, 21 April 2021

Dogecoin rally fades

The euphoria of ‘Doge day’ gave way to the day-after hangover on Tuesday as Dogecoin slid nearly 20% from its Monday highs.

Labelled as Doge day by a concerted Twitter campaign to drive up the price of the meme-based cryptocurrency, Monday’s effort to push the price up to US $0.69 against the US dollar, fell short at a daily high of 42.2 cents.

Having risen by nearly 350% in a week – reaching a record high of $0.45 on Friday, April 16 – Dogecoin briefly replaced Ripple’s XRP as the fifth-largest cryptocurrency by market cap.

The hangover begins

On Tuesday, Dogecoin was down 18% at 33.5 cents, which still left it as the sixth largest cryptocurrency – although, given that 10,000 Dogecoins are programmed to be created every minute, it will take more concerted buying power to rally from here.

Sheldon McIntyre, analyst at FXStreet, noted that the number of new addresses created to join in the Dogecoin buying spree last week had surpassed the previous high set in January.

He warned: “It indicates that the bullish anthem might have travelled too far, too fast, creating bubble-like conditions.”

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DOGE/USD

0.39 Price
+3.610% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

XRP/USD

1.19 Price
+7.400% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

ETH/USD

3,363.35 Price
+9.170% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

ADA/USD

0.80 Price
-1.660% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00646

Other top 10 cryptos rally

Eight of the other nine top cryptocurrencies by market cap were making robust gains on Tuesday, with the Binance cryptocurrency exchange's binance coin (BNB) mounting a strong technical rally after falling 33% from its April 12 high of $638.56.

Having fallen as low as $430 on Sunday, the native cryptocurrency of the world’s biggest crypto exchange was back up to $609.23 on Tuesday, up 27% on the day.

Bitcoin (BTC), which has fallen 14% since hitting its record high last week, was trading 3.4% higher at $55,699, while Ethereum’s native cyrptocurrency ether (ETH) jumped 12% to $2,322.

XRP, which very briefly lost its fourth-place by market cap to Dogecoin on Monday, rallied 17% to $1.43, cementing its position in the top 10.

Trade DogeCoin to US Dollar – DOGE/USD CFD

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Read more: Dogecoin soars but valuation could be barking mad

Markets in this article

BNB/USD
Binance Coin / USD
629.78 USD
13 +2.130%
BNB/USD
Binance Coin / USD
629.78 USD
13 +2.130%
BTC/USD
Bitcoin / USD
98643.45 USD
4222.9 +4.470%
ETH/USD
Ethereum / USD
3363.35 USD
282.46 +9.170%
XRP/USD
Ripple / USD
1.19227 USD
0.08179 +7.400%

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