Dogecoin (DOGE: CRYPTO) saw a solid bounce in the bygone week, although the meme currency is still trading off the record high of 43.77 cents hit on April 16.
Volatile Month: Doge, which was created as a joke currency in 2013, has come a long way from its early days. Notably, the meme currency has gained over 7,500% in the year-to-date period. Celebrities such as Tesla, Inc.’s (NASDAQ:TSLA) Elon Musk and rapper Snoop Dog have put their weight behind it, not to mention, the retail frenzy that has been a strong pillar of support.
The Doge community’s efforts to push the meme currency beyond $1 by 4/20, which was unofficially declared as “Doge Day,” proved futile.
Doge breached the 40-cent level a day ahead of the Doge Day but could not push past the earlier high set on April 16. The highest the cryptocurrency reached afterward was 43.18 cents on April 19.
Doge Day ended with a whimper, as the meme currency settled at 31.95 cents. From the April 19 high, Doge plummeted to a low of 16.37 cents on April 23.
Strong Week: The past week, however, has seen a resurgence in Doge, once again all credit to Musk, who hinted in a tweet that he may be discussing the meme currency when he hosts the “Saturday Night Live” show on May 8. In a cryptic tweet, Musk mentioned “The Dogefather” with the show and the date, which was interpreted as him promoting Doge.
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Doge started Monday on a firm note before ending at 27.07 cents, and then saw a consolidation move on Tuesday. It took a leg up on Wednesday amid Musk’s tweet before settling at 32.37. It was a back-and-forth move over the next two sessions but the cryptocurrency has picked up further momentum on Saturday.
Doge Barks In Anticipation of “Dogefather’s” Support: Doge could see some momentum in the coming week, especially in the run up to Musk’s TV appearance. Reddit users have been sharing views of a possible bump in the meme currency.
Retail interest could also lend support, and Doge could attempt to push past its earlier high. That said, the long-term investment worthiness is very much in question, given its unlimited supply.
At last check, Doge was climbing 15.53% to 36.03 cents.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
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