“Dog cryptocurrencies” are rising sharply again. Dogecoin and his twin have gained tens of percent

The slump in the cryptocurrency market in mid-May has, of course, also hit “memecoins”, ie cryptocurrencies that originated as a joke.

The most famous dogecoin, which has received a lot of attention since the beginning of the year, especially thanks to Elon Musk, who shamelessly promoted the cryptocurrency on his Twitter, lost more than 75% from record levels above $ 0.73 in early May and sold at around 0 at the end of July. , 17 USD.

Dogecoin is on a good wave, it has maintained an important value

However, as the portal pointed out About bitcoin, “Dog cryptocurrency” recorded one of its best weekends in recent months and has gained more than 30% since Friday, August 6, currently trading around $ 0.26. Dogecoin also broke the 50-day moving average of the MA 50, which he failed since a short “shot” in early June.

His “twin” named Shiba Inu, who gained more than 25% over the weekend and is currently trading at $ 0.0000077, also managed to increase by tens of percent.

However, it is important to remember that this growth is definitely due to the positive sentiment in the market, which, among other things, caused the growth of the largest cryptocurrency, bitcoin.

It gained more than 50% from the record low values ​​at the end of July and over the weekend also exceeded the 200-day moving average of MA 200, while at the time of writing the article is trading at just under $ 46,000.

Read also
Sitting at a chart is useless. These are the 5 indicators you need to watch for bitcoin

However, neither Dogecoin nor Shiba Inu have long been just a “joke” and, despite the controversial beginnings and the huge shot, the prices also evoke a belief in investors about their value.

For dogecoin, which is still firmly in place the top ten largest cryptocurrencies, investors also believe in its acceptance by some companies, which could send its price “to the Moon” in the future, or to record values ​​around 0.80 USD.

DON’T OVERLOOK
The fear of banks and the future of our finances. What are DeFi and how will it change your life?

The cryptocurrency Shiba Inu was again “made famous” by the founder of the Ethereum platform, Vitalik Buterin. Its creators donated half of the tokens when creating the cryptocurrency, but Buterin decided to burn a large part of it in mid-May, donating 10% of its tokens worth more than $ 1 billion to a fund to support India in the fight against the devastating wave. COVID-19.

This caused an instantaneous drop in the price of the cryptocurrency by 44%, while according to the official website of the cryptocurrency, Buterin also ensured the “long-term success and stability of the project”.