Dogecoin Skyrockets to Multi-Year Highs, Then Crashes — What’s Next for the Meme King?

Dogecoin Skyrockets to Multi-Year Highs, Then Crashes — What’s Next for the Meme King?

Dogecoin (DOGE) had a wild weekend ride, surging 16% to hit $0.48 — a multi-year high — before tumbling back down as profit-taking swept the market. Despite the pullback, DOGE is still within striking distance of its all-time high of $0.73, sparking speculation that this could be just the beginning. 🚀

What’s Fueling the Hype?

1. Trump’s Reelection: A crypto-friendly stance from the new administration has emboldened bullish sentiment.
2. Elon Musk’s Influence: As head of the newly minted “Department of Government Efficiency” (DOGE), Musk’s cheeky nods toward Dogecoin continue to energize fans and investors alike.

Sunday’s Sell-Off: What Happened?

DOGE’s rally hit a speed bump as:

• The broader crypto market saw sector-wide profit-taking.
• A whopping $21M in long DOGE derivatives were liquidated, dwarfing the $7M in short liquidations. This forced selling magnified DOGE’s pullback.

Should You Bet on DOGE?

Dogecoin’s meme-fueled momentum remains unrivaled, but its volatility is not for the faint of heart. As Musk himself has said, “Invest a little funny money and see where it goes.” With DOGE just 50% away from its all-time high, the question is: will it bark louder or whimper quietly?

Stay tuned — because in Dogecoin’s world, anything can happen!

Dogecoin Skyrockets to Multi-Year Highs, Then Crashes — What’s Next for the Meme King? was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.