The stratospheric rise of Dogecoin so far this year It is only matched by the strength of the rockets from Space X, the space company watchword of Elon Musk the true momentum and errant knight of cryptocurrency. But those rises above 4,000% so far this year have been broken, although given the intensity of the rise, the truth is that they seem to stay small.
The truth is that the value as we see in its quotation graph had been placed on December 13 at the minimum $ 0.1516 since April this year when the great Dogecoin rally occurred. In fact, From the almost $ 0.30 marked at the end of October, it lost no less than half of its price.
Then came the recovery of over 21% for the value, but still far from its levels prior to this downward process. Specifically, Dogecoin gained almost 3% in the final balance of the last week, but fell by about 25% in the previous month that it becomes a 42.3% drop in the heat of the previous semester.So far this year the value has gained 3,396% and since December 2020 the increase has reached 5,400%.
The truth is that the falls have greatly reduced the number of new addresses, specifically by 86%, at their last lows on December 13: they went from 159,390 on April 16 to 22,090 on that day. For FXstreet, those falls in the new directions were mainly due to investors being away from the value and in what They weren’t that much interested in the asset at those prices.
But Elon Musk arrived, by two different routes and changed the Dogecoin market, as it is already becoming a habit for the richest man in the world, the particular King Midas of the cryptocurrency. Specific posted a tweet pointing out, that yes in a cryptic way because he has not given more details, that Tesla would accept payment with Dogecoin.
And on December 14, purchases on assets were unleashed again, with a strength of 21.4% at the close of the session, although intraday exceeded those levels. At the moment the “some payments” do not know what Elon Musk has meant by this, because it could not be about cars but about the merchandising of his store. Be that as it may, it revitalized courage, as well as his statements to Time magazine, after being named character of the year. Specifically, he highlighted that Dogecoin is more suitable for transactions than Bitcoin, understanding that it has a potential that he called much greater.
He highlighted that “the volume of bitcoin transactions is low and the cost per transaction is high. Bitcoin may be suitable as a store of value, but fundamentally it is not a good substitute for transactional currency. Although it was created as a silly joke, Dogecoin is better suited for transactions, ”says Musk and explains that “the total flow of transactions you can do with Dogecoin, transactions per day, is substantially higher and it has a much greater potential ”.
Furthermore, it considers that the inflationary nature of Dogecoin can help you dominate the crypto payment space in the future. Words to keep in mind when we talk about one of the greatest visionaries who have monetized the best, if not the best, at PayPal, Tesla and SpaceX, among others.
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Dogecoin: resurfaces above April levels thanks to Elon Musk but loses 4,000% annually