Dogecoin hit an all-time high of $0.74 in the first week of May (at that time the price of Dogecoin in India was Rs 54.06), but has declined over the past two weeks. The recent crypto market crash affected Dodgecoin as well as other cryptocurrencies – for example, the bitcoin price in India fell to Rs 25,34,271 earlier this week . At the same time, in April, bitcoin was at an all-time high of Rs 48,79,220. Dodgecoin too had fallen nearly 50 per cent from its all-time high on 23 May and was trading at Rs 21. However, since then the prices of both of them have increased slightly and till the time of writing the news they were trading at Rs 27,07,000 and Rs 23.30 respectively.
Now the big question for every investor is, is Dodgecoin stable? After seeing a drop of 50 percent, this coin has now gained about 5 percent. This coin reached its low level after the May 23 crash and since then this coin appears stable on Coindesk charts and has been climbing at a very slow pace.
With the stability shown by Dodgecoin over the past few days, it is difficult to say whether the coin will perform as before, but its price has reached its pre-money momentum in April. Tech billionaire Elon Musk enjoys raising the price of Dodgecoin through his tweets and his tweets can also be attributed to this increase. The CEO of Tesla and SpaceX began tweeting about it in February, when the meme currency was unknown and all attention was focused on bitcoin, the world’s largest cryptocurrency.
Dogecoin saw an increase of 50 percent due to these tweets. The market crash certainly affected all crypto tokens, including Dodgecoin, but the news of Musk working with Dodge’s developers on system transaction efficiency has kept the coin stable. Musk also says that he will continue to support all cryptocurrencies, as they have the potential to become the currency of the future.