Dogecoin continues to defy all odds as price nears AUD$0.90

Posted: 5 May 2021 4:28 pm

DOGE is currently trading at an all-time high price point of AUD$0.88

  • Since the start of the year, Dogecoin's value has risen by more than 11,000%
  • Doge was recently listed by a number of mainstream exchange platforms including eToro and Gemini
  • Elon Musk's scheduled appearance on SNL may help spur the currency's value even more next week

In typical crypto fashion, DOGE, the native digital currency of the Dogecoin ecosystem, has continued to surge and exceed everyone's expectations. To put things into perspective, over the course of the last 24 hours, the digital asset's price has soared by more than 50%, currently sitting at AUD$0.88 – which marks an all-time high for DOGE.

Even after months of ridicule, DOGE remains on a path of monetary ascent, with the value of a single token rising from AUD$0.43 to AUD$0.85 since the start of May. This is after many "analysts" claimed that the token is bound to implode in the near term and that investors should cash out while they are still in the green.

Lastly, in terms of what's causing DOGE to surge, it bears mentioning that the currency was just recently listed by United Kingdom-based cryptocurrency exchange eToro. Not only that, a representative for Winklevoss-owned cryptocurrency exchange Gemini released a blog earlier today stating that users of the exchange can now buy/sell DOGE via their accounts.

Can DOGE surge even further?

Even though Dogecoin started off as a joke, nobody seems to be laughing now, especially as the currency continues to remain one of the most lucrative investments available in the market right now. This could be because, in the past, a number of high profile individuals, including Tesla CEO Elon Musk and billionaire investor Mark Cuban, have spoken highly about DOGE, with the former referring to it as the "people's crypto".

In fact, with Musk all set to host popular sketch show Saturday Night Live next week, it stands to reason Dogecoin will most likely continue to attract – as well as confound – a number of new investors.

From a historical standpoint, we can see that on 1 January, DOGE was valued at less than AUD$0.13; however, within a matter of just five months, the currency has grown by more than 11,000%. That said, there are certain warning signs that potential investors should be wary of. For example, last month, the currency's value swooped and fell by 50% almost overnight only to once again rise 25% in value after a tweet from Musk just hours after the episode.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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