Dogecoin somehow survived another onslaught of extreme volatility by the entire crypto market marked by prices slipping below the $0.30 level in recent weeks.
According to data from CoinGecko, the meme crypto is currently changing hands at a little over $0.24 after hovering mostly at the $0.30 mark, losing almost 14% of its value for the past 24 hours.
Some experts from FX Street believe that the failure of Dogecoin -- the cryptocurrency that started out as a joke back in 2013 -- to reach $0.35 where it's supposed to be right now is because of the excessive amount of money needed by buyers to catapult the virtual asset up to that certain price range.
Hence, the crypto is forced to just buoy around the $0.30 mark during this time when its price is thought to be a little bit higher.
At this point, players and experts think it is critical to see if dogecoin could stay above $0.30 and there is now the pressure among the buyers to step in and run the prices up.
As to how they should be able to do that, they first need to pull all the stops they can below the significant $0.30 mark. This will provide them with enough space to play the trade and not be stopped at the first test of the price level.
If the buyers succeed, there is a forecast indicating that a surge towards the $0.35, if not higher, is possible for dogecoin in the next few days.
Thank you Elon Musk️ I’m Wifedoge. Doge's wife! Now is the fourth day of launch at Pancakeswap! Thank you for tweeting to encourage Wifedoge Believe us, we will soon surprise global investors even more. Our project team is working hard#wfiedoge #dogecoin #doge #PancakeSwap pic.twitter.com/HAwvYKDjA7 — WIFEDOGE (@wifedoge) July 25, 2021
Such an optimistic prediction for the slumping cryptocurrency might have something to do with the impressive boost received by its wife, the "Wifedoge."
As it turns out, the asset has been getting the attention of crypto investors including self-proclaimed "Dogefather" and Tesla Chief Executive Officer Elon Musk.
Wifedoge reportedly surpassed $2.3 million market cap value, rising 3,000% in just one day. However, on September 2, the token's capitalization saw a huge correction, falling to $301,406.
Despite the huge slump, the developers are still optimistic, even being so sure of Musk's overwhelming support, they expressed their gratitude for him on Twitter.
Wifedoge was launched in July, acting as a parody of the meme crypto Dogecoin which, in turn, was brought into the limelight as a parody of crypto alpha, Bitcoin.
Although dubbed as "wife of dogecoin" , it really is more of a clone of the original joke cryptocurrency.