Dogecoin saw a huge increase last week, even hitting its highest price in 7 months after optimism returned to the market. The meme coin backtracked towards $0.23, representing a large comeback.
Over the last seven days, Dogecoin had gained close to 27%. The current price is right over $0.225, up 9% just in the past 24 hours.
Dogecoin’s open interest peaked at $5.5 billion in January. With the recent price drop, it fell as low as $1.3 billion. Although we don’t know what the current open interest is, the change shows that the asset is highly speculative.
Dogecoin dogecoin $0.73 all-time high 2021Since then, it has failed to come even close to this highwater mark, maxing out at just $0.48 in recent months.
The dramatic rise and fall of Dogecoin this past month is a perfect example of the dramatic volatility of the cryptocurrency market. REUTERS/Dado Ruvic This volatility was underscored by daily cryptocurrency market liquidations exceeding $1.1 billion as of Friday morning.
Ethereum was responsible for a large share of these liquidations. Traders shorting the market were on the receiving end of the markets’ volatility.
Despite all the market commotion, an analyst is wagering that Dogecoin will hit the one-dollar mark by the end of this year. Such predictions only add to the speculative climate around the cryptocurrency.
