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After experiencing an unprecedented bullish rally in the past 24 hours, Meme coin Dogecoin has experienced a steep dip. The altcoin is currently down by about 50% in the past 24 hours of trading.
50% Price Dump Follows Bullish Rally
Dogecoin (DOGE) bullish rally had caught many off guards and was largely the result of the anti-establishment sentiments. Several members of Wall Street Bets had led calls to purchase the meme coin. This was followed by an endorsement by popular dogecoin enthusiasts and Elon Musk’s richest man on Twitter.
These developments led to a massive internet exposure for Dogecoin, which became among the highest tweeted trends on Friday. Within the space of hours, DOGE hit a 12-month price high of $0.079. The coin also surged into the top 10 crypto rankings based on marketcap for the first time since 2015.
The demand for DOGE by new investors overwhelmed several popular exchanges like Binance and Kraken. The two exchanges had to pause trading for some minutes to meet the demand from new customers. However, as many crypto analysts expected, Dogecoin has undergone a major dump overnight, losing half its value. At the time of writing, DOGE is valued at around $0.02254 based on data from CoinMarketCap.
Will This Be The End Of Dogecoin Rally
The brutal dump of Doge hit some of those that purchased at the top, including media personality Mia Khalifa. She indicated on Twitter a bit of buyer’s remorse in the early hours of today. A trader named John Paul Mayor also revealed that he lost over $10,000 on Doge futures trading. This dump represents the dangers within the highly volatile cryptocurrency markets.
Nevertheless, the media attention that Doge received has made many know about cryptocurrencies. There is also a movement on Twitter that wants to take the meme coin to the dollar mark. This shows that the meme token sentiments are not over, and there could be subsequent rallies in the coming weeks.